Home stock market IPO's Gland Pharma raises Rs 1944 crore before IPO

Gland Pharma raises Rs 1944 crore before IPO

Hyderabad based Gland Pharma has raised Rs 1,944 crore from 70 anchor investors ahead of its proposed initial public offer (IPO). About 1.29 crore equity shares were allotted to anchor investors on Friday at an upper price band of Rs 1500 per share.

About 6.62% of the anchor portion was allotted to Small Cap World Fund while 5.32% was subscribed by Government Of Singapore. The Nomura Trust and Banking Co., Goldman Sachs India, Axis Mutual Fund, Franklin Templeton Mutual Fund and SBI Mutual Fund have been allotted little over 3% of the portion reserved for anchor investors.

Other leading anchor investors in Gland Pharma includes Neuberger Berman Emerging Markets Equity Fund (2.87%), Aditya Birla Sun Life Mutual Fund (2.84%), ICICI Prudential Mutual Fund (2.84%), Nippon India Mutual Fund (2.84%), Kotak Mutual Fund (2.46%), Schroder International Selection Fund Indian Equity (2.46%), Morgan Stanley India Investment Fund (2.27%) and HSBC Global Investment Funds (2.24%)

The IPO will open from 9 November for subscription and will close on 11 November. The price band has been fixed at Rs 1490 to Rs 1500 per share. The Initial Public offering comprises of a fresh issue aggregating up to Rs 1,250 crore and an offer for sale of up to 3.49 crore shares, including up to 1.94 crore Shares by Fosun Pharma Industrial PTE and up to one crore hares by Gland Celsus Bio Chemicals.

Bids can be made for a minimum of 10 shares and in multiples of 10 shares thereafter. Kotak Mahindra Capital Company, Citigroup Global Markets, Haitong Securities India and Nomura Financial Advisory and Securities (India) are the book running lead managers to the offer.

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