Gland Pharma shares made a powerful market debut on Friday (November 20). The shares opened for buying and selling at Rs 1,701 on BSE in opposition to subject value of Rs 1,500, itemizing at a premium of 13.4 per cent. The inventory surged as a lot as 23 per cent from subject value to hit an intraday excessive of Rs 1,850. The pharmaceutical firm’s preliminary public supply (IPO), which closed on November 11, was subscribed two instances. As of 12:49 PM, Gland Pharma shares traded at 5.60 per cent larger at Rs 1,796.15 apiece on the BSE.
Gland Pharma’s Rs 6,480 crore IPO had obtained a muted response from the investor’s circle. It was subscribed by a mere 2.06 per cent, receiving bids for six,21,55,670 shares as in opposition to the difficulty measurement of three,02,37,879 shares. The shares have been supplied within the value band of Rs 1,490-1,500 per share. (Also Read: Gland Pharma IPO Oversubscribed On Final Day Of Subscription )
“Gland Pharma IPO had a strong listing at Rs. 1720 (Issue Price was Rs. 1500). It is a niche player, focused on injectables. It has proven track record of growth and profitability along with a consistent regulatory compliance history. It has never received a negative USFDA report. Retail participation was muted at the absolute issue price was higher at Rs 1500 and past few IPOs didn’t have strong listing,” said Hemang Jani, Head – equity strategy, broking & distribution, Motilal Oswal Financial Services Ltd
Gland Pharma IPO was the most important pharmaceutical public providing within the nation. With at this time’s inventory market itemizing Gland Pharma’s market capitalization surged to Rs 28,966 crore. In 2017, China’s Fosun Pharma acquired a 74 per cent stake within the agency. Hence, it’s the first Indian firm, with Chinese parentage, to take the first market route for funding necessities.