The initial public offer of Glenmark Life Sciences Limited was subscribed 2.78 times on the first day of subscription on Tuesday.

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The IPO received bids for 4,17,79,260 shares against 1,50,18,279 shares on offer, as per data available with the NSE.

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The non-institutional investors' category was subscribed 86 per cent and those for retail individual investors (RIIs) 5.17 times.

The initial public offer comprises a fresh issue of up to Rs 1,060 crore and an offer for sale of up to 63 lakh equity shares.

The price range for the offer, which will conclude on Thursday, has been fixed at Rs 695-720 per share.

Glenmark Life Sciences on Monday raised Rs 454 crore from anchor investors.

At the upper end of the price band, the IPO will fetch Rs 1,513.6 crore.

Proceeds from the fresh issue will be used towards the payment of outstanding purchase consideration to the promoter for the spin-off of the API business and funding the capital expenditure requirements.

Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, is a leading developer and manufacturer of select high-value, non-commoditised active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management, and diabetes.

The company also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives, and other therapeutic areas.

Goldman Sachs (India) Securities Private Limited, SBI Capital Markets, Kotak Mahindra Capital Company, BofA Securities India Ltd, DAM Capital Advisors Ltd, and BoB Capital Markets are the lead managers to the issue. The equity shares of the company will be listed on BSE and NSE.