The last date to subscribe Glenmark Life Sciences Limited IPO is today, July 29, 2021, The Initial Public Offering of the Pharma firm came on July 27. In the initial two days of opening, the IPO has received overwhelming response from the investors as the issue was subscribed nearly 6 times at the endo of the 2nd day on Wednesday.  

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Glenmark Life Sciences Limited IPO Day 2 subscription details 

On the second day, Glenmark Life Sciences Limited IPO was subscribed 5.78 times as bids were received for 8,68,07,640 shares as against reserved shares of 1,50,18,279. The issue was subscribed over 2 times on Day 1. Maximum participation at 9.28 times subscription came from Retail Individual Investors (RIIs), followed by Non-Institutional Investors (3.39 times) and Qualified Institutional Buyers (QIBs) (1.38 times. ) 

Glenmark Life Sciences Limited IPO key details 

Glenmark Life Sciences Limited IPO opened for subscription on Monday, July 27, 2021, and will be closed today, Thursday, July 29, 2021.  The IPO of the pharma company kicked off to a good start as the issue was fully subscribed around 12 pm. Glenmark Life Sciences Limited IPO comprises fresh issue of equity shares worth Rs 1,060 crore and an offer for sale by existing shareholders worth Rs 453 crore, totaling Rs 1513.60 crore. Glenmark Life Sciences Limited IPO price band is Rs 695 to Rs 720 per equity share and IPO lot size comprises 20 equity shares and in multiples of 20 equity shares thereof.  Minimum investment required by retail individual investors (RIIs) for Glenmark Life Sciences Limited IPO is Rs 13,900, while maximum purchase limit on UPI is Rs 2 lakh per transaction 

What Anil Singhvi said about this issue 

Earlier, Zee Business Managing Editor Anil Singhvi has suggested to apply for this IPO with a long-term perspective as it is a portfolio quality stock. "The valuations of the company are reasonable — neither cheap nor attractive and hence the listing of the company would also be marginal and satisfactory. The listing wouldn’t be below IPO price nor spectacular or bumper, perhaps," Anil Singhvi had said.  

Objective of this IPO 

As per the company, the objective of Glenmark Life Sciences is to utilise the net proceeds from the fresh issue towards payment of outstanding purchase consideration to the Promoter for the spin-off of the API business from the Promoter into the Company pursuant to the Business Purchase Agreement dated October 9, 2018.  The proceed of fresh issues will also be used for funding the capital expenditure requirements and general corporate purposes, it further said.   

Glenmark Life Sciences Limited IPO global Co-ordinators and Book Running Lead Managers 

Glenmark Life Sciences Limited IPO global Co-ordinators and Book Running Lead Managers (BRLM) to the offer include Kotak Mahindra Capital Company Limited, BofA Securities India Limited and Goldman Sachs (India) Securities Private Limited.