Gland Pharma issue subscribed over 2.05 times
Meerut : The biggest issue of the pharma industry became oversubscribed. The Rs 6480 crore issue of Gland Pharma has become the biggest issue in the pharma industry so far. The company has raised Rs 1943.86 crore from Anchor Investors.
Gland Pharma has allotted 12,959,089 equity shares to anchor investors at an upper price band of Rs 1500 per equity share. 70 global and domestic funds have joined Gland Pharma as anchor investors. The price band of the IPO was fixed at Rs 1490 to Rs 1500 per equity share. It is being told that the company will raise Rs 6,480 crore through an IPO.
The Gland Pharma IPO includes a fresh issue of Rs 1,250 crore and the rest being Offer for Sale. The company will use the new fund of Rs 1,250 crore fresh funds for capital expenditure & working capital requirements. Explain that Gland Pharma is an integrated manufacturer of complex injectable products.