Latest News | Gland Pharma IPO Oversubscribed by 2.05 Times

Hyderabad, Nov 11 (PTI): The Initial Public Offer of Gland Pharma was oversubscribed by 2.05 times, the city based drug maker said on Wednesday.

The issue, which was opened for public on November 9 and ended on Wednesday, is expected to fetch Rs 6,480 crore.

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The IPO comprises a fresh issue of shares worth up to Rs 1,250 crore and an offer for sale of 3,48,63,635 shares.

The price range for the offer has been fixed at Rs 1,490-1,500 per share and Gland Pharma raised Rs 1943.86 crore from anchor investors who were allotted12,959,089 equity shares at the upper price band of Rs 1,500 per equity shares.

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As many as 70 marquee global and domestic funds came in as anchor investors, the company said in a release.

Gland Pharma will use Rs 1,250 crore fresh funds for capital expenditureand working capital requirements.

The company's promoters are Fosun Singapore and Shanghai Fosun Pharma.

Gland Pharma was founded by P V N Raju in 1978 and Fosun Pharma acquired 74 per cent stake in the company in 2017. PTI

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)