Glenmark Life Sciences IPO Subscribed Nearly 6 Times On Second Day Of Issue

Glenmark Life Sciences' share sale via initial public offering (IPO) was oversubscribed by 5.78 times on Wednesday, July 28 - the second day of its issue.

Glenmark Life Sciences' share sale via initial public offering (IPO) was oversubscribed by 5.78 times on Wednesday, July 28 - the second day of its issue. The public offer opened for subscription on July 27 and will close tomorrow - July 29, remaining open for investors for a period of three days. On the first day of its issue, the IPO was fully subscribed within hours of opening. On Wednesday, retail individual investors showed massive interest as the portion reserved for them was subscribed 9.28 times - the highest among the three groups of investors. The portion set aside for non-institutional investors (NII) was subscribed 3.39 times, while the portion reserved for qualified institutional buyers (QIB) was subscribed 1.38 times. Glenmark Life Sciences' Rs 1,513 crore IPO consists of a fresh issue of Rs 1,060 crore and an offer for sale of Rs 453.60 crore by its promoters. The leading manufacturer of active pharmaceutical ingredients (API) is selling shares in the price band of Rs 695-720 per equity share. Incorporated in 2011, the company manufactures and develops APIs for cardio-vascular disease, pain management, diabetes, central nervous system disease, among others. The company will utilise the IPO proceeds to make the payment of the outstanding purchase consideration to the promoter for the spin-off of the API business. It will also use funds to finance the capital expenditure requirements and to meet general corporate purposes. Ahead of the IPO, Glenmark Life Sciences raised Rs 454.32 crore from anchor investors.