Glenmark Life Sciences IPO GMP weak; August 6. listing on
The IPO allotment of Glenmark Life Sciences will be announced on Tuesday. The Glenmark IPO allotment status will be available on the Kefintech website. Keffin Technologies Pvt Ltd is the official registrar of Glenmark Life Sciences IPO. Investors can check the status of Glenmark Life Sciences IPO allotment on the official website of Bombay Stock Exchange.
The Rs 1,513.6 crore IPO of Glenmark Life Sciences received bids for 66,33,24,160 shares, while 1,50,18,279 shares were offered. The Qualified Institutional Buyers (QIBs) share was subscribed 36.97 times, non-institutional investors 122.54 times and Retail Individual Investors (RIIs) 14.63 times.
The IPO of Glenmark Life Sciences included fresh issue of up to Rs 1,060 crore and offer for sale of 63 lakh equity shares. Its price range was Rs 695-720 per share. Glenmark Life Sciences had earlier raised Rs 454 crore from anchor investors.
Glenmark Life Sciences IPO GMP
Glenmark Life Sciences IPO is operating at a weak premium in the gray market. Shares of Glenmark Life Sciences are trading at a premium of a little over 11 per cent or Rs 83. Each share in the unlisted market is trading at Rs 803.
Glenmark’s weak GMP is attributed to the ongoing selloff in the pharma sector. This is the main reason why Glenmark Life Sciences’ IPO GMP continues to fall.
Glenmark Life Sciences will use the proceeds from the new issue for the spin-off of the API business, for payment of outstanding purchase consideration to the promoter and for financing capital expenditure requirements.
Glenmark Life Sciences is a subsidiary of Glenmark Pharmaceuticals. It is a leading developer and manufacturer of select high-value, non-commodity active pharmaceutical ingredients (APIs) in chronic therapeutic areas including cardiovascular disease, central nervous system disease, pain management and diabetes. The company manufactures and sells APIs for gastro-intestinal disorders, anti-infection and other therapeutic areas.
After the allotment is finalized by Glenmark Life Sciences, the shares will be credited to the demat account of the investors. Eligible investors will get refund on 4th August.
The shares of Glenmark Life Sciences will be listed on BSE and NSE on August 6.
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