Glenmark Life Sciences IPO GMP weak; listing on Aug 6
Glenmark Life Sciences IPO allotment will be declared on Tuesday. Glenmark IPO allotment status will be available on KFintech website. KFin Technologies Private Limited is the official registrar of Glenmark Life Sciences IPO. Investors can also check Glenmark Life Sciences IPO allotment status on the official Bombay Stock Exchange website.
Glenmark Life Sciences' Rs 1,513.6-crore 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 Rs 1,060 crore and an offer for sale of up to 63 lakh equity shares. Its price range was at Rs Rs 695-720 per share. Glenmark Life Sciences earlier raised Rs 454 crore from anchor investors.
Glenmark Life Sciences IPO GMP
In the grey market, Glenmark Life Sciences IPO is commanding a weak premium. Glenmark Life Sciences shares are trading at a premium of a little more than 11 per cent which is Rs 83. Apiece share is trading at Rs 803 in the unlisted market.
Glenmark's weak GMP is attributed to the continued sell-off in the pharma sector. This is the main reason why Glenmark Life Sciences IPO GMP is falling consistently.
READ MORE: Glenmark Life Sciences IPO GMP falling, Why?
Glenmark Life Sciences will utilise the proceeds from the fresh issue towards the payment of outstanding purchase consideration to the promoter for the spin-off of the API business and funding the capital expenditure requirements.
Glenmark Life Sciences is a subsidiary of Glenmark Pharmaceuticals. It is a leading developer and manufacturer of select high-value, non-commoditised active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management, and diabetes. The company also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives, and other therapeutic areas.
After Glenmark Life Sciences finalises the allotment, the shares will be credited to the Demat account of investors. Ineligible investors will get a refund on August 4.
Glenmark Life Sciences' shares will be listed on BSE and NSE on August 6.
