Glenmark Life Sciences Company's IPO is being subscribed at 5.9x today. Today is the last day of the IPO and more subscriptions are expected.
Today is the last day of the IPO (initial public offering) of Glenmark Life Sciences and it has shown great performance from day one. Glenmark Life Science's IPO was subscribed 2.78 times on the first day and 5.9 times subscribed till today on the last day. Investors have subscribed more than their quota in it. Within two hours of market opening, Glammark's IPO started getting oversubscribed. Glenmark Life Sciences is a subsidiary of the already listed Glenmark Pharmaceuticals. It manufactures medicines for chronic treatment, which have partnerships with global companies.
The public issue of 1541 crores of the company is part of the latest issue of equity shares and it was given an offer for sale to the existing shareholders of the company. Shares of Glenmark Life Sciences traded at a moderate premium in the gray market. So far retail investors have subscribed to it 9.51 times. The interest of retail investors in public issues is important for companies. By the end of the second day, non-institutional investors had subscribed 3.48 times more.
Meanwhile, out of the reserve portion for Qualified Institutional Buyers (QIB), 1.4 times the bidding has been done so far. For QIBs, 50 percent of the shares of the IPO have been kept in reserve, while 35 percent of the IPOs were kept for retail investors and the remaining 15 percent for the IPOs for NIIs. The company had issued 1.5 crore equity shares out of which 48.66 crores have been bid and the overall IPO has been subscribed 5.90 times.
Glenmark Life Science's anchor investors are HSBC Global, Polar Capital Funds, International Monetary Fund, and Master Trust Bank of Japan. Apart from this, domestic investors include Jupiter India Fund, Sangat India Mauritius, Kuber India Fund. The company relies on API business and for FY 2020 and 2019, its API operations contributed 84.16% and 89.87% to its total revenue.
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