Gland Pharma jumped 8.88% to Rs 2,372 as the scrip resumed its uptrend after a day's breather.
The scrip was listed on the stock exchanges on 23 November 2020 at Rs at Rs 1701, a premium of 13.4% to the initial public offer (IPO) price of Rs 1500. On that day it closed 7.02% higher at Rs 1,820.45. Since then, the stock has jumped 30.30% in ten sessions to currently trade at Rs 2,372.The IPO of Gland Pharma was subscribed 2.06 times. The issue opened for bidding on 9 November 2020 and it closed on 11 November 2020. The price band for the IPO was set at Rs 1490-1500 per share.
The company proposes to utilise the net proceeds of the fresh issue towards funding incremental working capital requirements; funding capital expenditure requirements; and general corporate purposes.
The company recorded net profit of Rs 313.59 crore and total income of Rs 916.28 crore in the quarter ended on 30 June 2020.
Hyderabad-based Gland Pharma is one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India and other markets. It operates primarily under a business to business (B2B) model and it engaged in development, manufacturing and marketing of complex injectables.
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