Glenmark Life Sciences shares make muted debut, list at 4% premium

Glenmark Life Sciences shares on Friday made a tepid listing on the National Stock Exchange (NSE) and BSE at over 4% premium from its price band of 695- 720 per share. Glenmark Life Sciences’ market capitalisation stood at 9,267 crore, BSE data showed. Glenmark Life Sciences shares edged higher on debut on stock markets as they rose to 751 per share, a premium over the issue price of 720 apiece. The stock touched a high and a low of 800 and 737, respectively.

Grey market price of Glenmark Life Sciences shares earlier suggested a weak opening for the IPO.

The listing of Glenmark Life Sciences shares comes days after its initial public offering (IPO) was oversubscribed 44 times. NSE data showed that the 1,513.6-crore Glenmark Life Sciences IPO received bids for 66,33,24,160 shares against 1,50,18,279 shares on offer. Qualified Institutional Buyers (QIBs) portion received 36.97 times subscription, non-institutional investors a whopping 122.54 times and retail individual investors (RIIs) 14.63 times.

Glenmark Life Sciences IPO comprised a fresh issue of up to 1,060 crore and an offer for sale of up to 63 lakh equity shares. Its price range was at 695-720 per share. Glenmark Life Sciences on Monday raised 454 crore from anchor investors.

Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, said proceeds from the fresh issue will be used towards the payment of outstanding purchase consideration to the promoter for the spin-off of the API business and funding the capital expenditure requirements.

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