Glenmark Life Sciences IPO GMP is falling. Glenmark Life Sciences share price in the grey market is trading below a premium of Rs 100 apiece which is roughly around 15 per cent.
The fall in Glenmark Life Sciences GMP is because of the poor earnings of pharma companies. The sector's result sent Nifty Pharma index to a level last seen in May 2021. The continued sell-off in the pharma sector pushed the pharma index below the 14,000 level.
This is the main reason why Glenmark Life Sciences IPO GMP is falling consistently. However, the current pharma stocks sell-off is said to be a short-term correction.
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.
Glenmark Life Sciences GMP Today
Glenmark Life Sciences IPO worth Rs 1,513.6 crore 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 and non-institutional investors a whopping 122.54 times. In the retail category, Glenmark Life Sciences IPO was subscribed 14.63 times.
The initial public offer 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 shares were quoting at a premium of Rs 100. The shares were trading at Rs 820 apiece, a 14 per cent premium over IPO price.
Glenmark Life Sciences IPO Allotment
Glenmark Life Sciences will finalise the allotment of IPO on August 3 (Tuesday). Glenmark Life Sciences shares will be listed on the BSE and NSE on August 6 (Friday).
Glenmark Life Sciences said that the proceeds from the fresh issue will be used towards the payment of outstanding purchase consideration to the promoter for the spin-off of the API business and funding the capital expenditure requirements.