New Delhi, Nov 10 (PTI) The initial public offer of Gland Pharma was subscribed 22 per cent on the second day of subscription on Tuesday.

The initial share-sale received bids for 65,03,610 shares against 3,02,37,879 shares on offer, according to an update on BSE.

Also Read | Xbox Series X & Xbox Series S Now Available for Sale in India via Amazon.in, Flipkart & Other Retail Channels.

Qualified institutional buyers (QIBs) category was subscribed 48 per cent, non-institutional investors 3 per cent and retail individual investors 15 per cent.

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

Also Read | Honor 10X Lite With Kirin 710A SoC Launched Globally; Check Prices, Features, Variants & Specifications.

Price range for the offer, which would close for subscription on Wednesday, has been fixed at Rs 1,490-1,500 per share.

Gland Pharma has raised Rs 1,944 crore from anchor investors.

The IPO will fetch Rs 6,479.5 crore at the upper end of the price band.

The Hyderabad-based company, backed by China's Fosun Pharma, develops, manufactures and markets complex injectables.

The proceeds from the fresh issue of shares will be utilised for working capital, capital expenditure and general corporate purposes, as per the draft papers.

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.

The IPO is being managed by Kotak Mahindra Capital Company, Citigroup Global Markets India, Haitong Securities India and Nomura Financial Advisory and Securities (India).

Shares of the company are proposed to be listed on the BSE and the NSE.

(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)