Gland Pharma issue subscribed 2.06 times

Mumbai: Gland Pharma’s initial public offer (IPO), the biggest ever offering in the Indian pharmaceutical sector — was subscribed 2.06 times on the final day of subscription on Wednesday. The IPO will fetch Rs 6,480 crore at the upper end of the price band Rs 1,490-1,500 per share.

The issue received bids for 6.22 crore shares as against the issue size of 3.02 crore shares. The portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 6.39 times. Retail investors bid for 23.6% of the shares set aside for them while non-institutional investors’ portion was subscribed 50.5%.

The Gland Pharma IPO comprises a fresh issue aggregating up to Rs 1,250 crore and an offer for sale of up to 3.49 crore. While China’s Fosun Pharma Industrial has sold 1.9 crore shares in the issue, Gland Celsus Bio Chemicals has sold one crore shares. The other two shareholders Empower Discretionary Trust and Nilay Discretionary Trust are offloading 35.73 lakh and 18.45 lakh shares respectively.