Gland Pharma IPO subscribed 2 times

The company's Rs 6,479.5-crore initial share-sale received bids for 6,21,55,670 shares as against 3,02,37,879 shares on offer, translating into 2.06 times subscription, according to data available with NSE.

The category reserved for qualified institutional buyers (QIBs) was subscribed 6.40 times, non-institutional investors 51 per cent and retail individual investors 24 per cent.

The initial public offer was of a fresh issue of Rs 1,250 crore and an offer for sale of 3,48,63,635 shares.

Price range for Gland Pharma's initial public offer (IPO), which opened for subscription on Monday, was fixed at Rs 1,490-1,500 per share.

Gland Pharma had raised Rs 1,944 crore from anchor investors.

The Hyderabad-based company, backed by China's Fosun Pharma, develops, manufactures and markets complex injectables.

The proceeds from the fresh issue of shares will be utilised for working capital, capital expenditure and general corporate purposes, as per the draft papers.

The company''s promoters are Fosun Singapore and Shanghai Fosun Pharma.

Gland Pharma was founded by P V N Raju in 1978 and Fosun Pharma acquired 74 per cent stake in the company in 2017.

Kotak Mahindra Capital Company, Citigroup Global Markets India, Haitong Securities India Private and Nomura Financial Advisory and Securities (India) managed the offer.

Shares of the company are proposed to be listed on BSE and NSE.