Gland Pharma IPO Subscribed 8.6% on Day 2 of Bidding, Here's What You Should Know About the Company

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posted on 3 years ago — updated on 1 second ago

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Gland Pharma was established in Hyderabad in 1978 and is one of the fastest-growing injectable-focused B2B companies.

The initial public offering (IPO) of Gland Pharma has been subscribed 8.6 per cent on the second day of bidding. It has received bids for 26.93 lakh equity shares. The Rs 6,480 crore issue contains 3.02 crore equity shares.

The Shanghai Fosun Pharma-owned company attracted four per cent bids on the first day. The issue on Monday received bids for 12,69,110 shares. The company on November 9 launched public issue, consisting of a fresh issue of Rs 1,250 crore and an offer for sale of over 3.48 crore equity shares. It includes the shares of both promoters and selling shareholders. Gland Pharma has fixed a price band of Rs 1,490-1,500 per share for the IPO.

Out of the total shares, 1.9 crore shares are of Fosun Pharma Industrial Pte and one crore shares are of Gland Celsus Bio Chemicals. The remaining shares are of Empower Discretionary Trust and Nilay Discretionary Trust. Empower Discretionary Trust is offloading 35.73 lakh shares, while Nilay Discretionary Trust is offering 18.45 lakh shares.

Gland Pharma raised a total of Rs 1,943.86 crore from 70 anchor investors last week. The shares set aside for retail investors have been subscribed 11.8 per cent, while that for non-institutional investors has attracted one per cent bids.

The company was established in Hyderabad in 1978 and is one of the fastest-growing injectable-focused B2B companies. It has a presence in 60 countries, including India, Australia, the US, Europe and Canada.

Gland Pharma deals in sterile injectables, oncology and ophthalmic solutions. Its 267 ANDA filings include 50 for oncology, 26 for ophthalmic-related products and 191 for sterile injectables.

IP-led, technology transfer and contract manufacturing models come under the ambit of the company’s primary B2B model. Its B2B partners in the US include Sagent, Apotex and Fresenius Kabi, among others.

Shanghai Fosun Pharma owns 74 per cent stake of the company. Gland Pharma has four formulation and three API facilities in India.

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