Initial Public Offering issue of generic injectables-focused company Gland Pharma Limited, which began on 9 November 2020 has been oversubscribed 2.05 times. The Rs 6480-crore issue, the largest in pharma industry, has a price band fixed at Rs 1490 to Rs 1500 per equity share.
The Company sells products primarily under a business to business (“B2B”) model in over 60 countries as of June 30, 2020 including the United States, Europe, Canada, Australia, India and the Rest of the world.
The IPO includes Rs 1,250 crore fresh issue and the rest being Offer for Sale. Gland Pharma will use Rs 1,250 crore fresh funds for capital expenditure & working capital requirements. The company has allocated 12,959,089 equity shares at the upper price band of Rs 1500 per equity share to 70 marquee global and domestic funds which have come in as anchor investors.
