Gland Pharma's Rs 6,480-crore IPO gets 4% subscription on first day

Hyderabad-based Gland Pharma’s initial public offering (IPO) was subscribed 4 per cent on Monday, the first day of the issue. The offering has received bids for 1.1 million shares as against 30 million on offer. 

On Friday, the company had allotted Rs 1,944 crore worth of shares to anchor investors. 

China’s Fosun Pharma-promoted firm is looking to raise Rs 1,250 crore through the IPO by issuing new shares. 

The IPO also comprises of secondary share sale worth Rs 5,230 crore. The total IPO size is about Rs 6,480-crore, making it one of the biggest pharma IPO in the domestic market. 

The price band has been set at Rs 1,490-1,500 per share. At the top-end, Gland will have a market cap of around Rs 24,500 crore.