Glenmark Life Sciences, the subsidiary of Glenmark Pharmaceuticals, made a lukewarm debut on the stock exchange. Shares of Glenmark Life Sciences opened at Rs 751 on the BSE, a 4 percent premium over the issue price of Rs 720. On the NSE, the shares were trading at Rs 750. At 11:50am, Glenmark Life Sciences became trading at Rs 766.30 on the BSE, up by Rs 46 or 6.37 per cent and at Rs 766 on the NSE, up from Rs 46 or 6.33 per cent.
The IPO of Rs 1,513 crore (IPO), which was open between July 27 and July 29, had received good response from the investment community. The IPO, consisting of a new issue of Rs 1,060 crore and an offer for sale of Rs 453.60 crore, was subscribed a whopping 44.17 times.
Glenmark Life Sciences will use the proceeds from the new issuance to pay the promoter for the divestiture of the API business and to fund its capital expenditures.
Founded in the year 2011, Glenmark Life Sciences is the API (Active Pharmaceutical Ingredients) subsidiary of Glenmark Pharmaceuticals. It has more than 120 products in its portfolio and exports APIs to multiple countries in Europe, North America and Latin America.
Kotak Mahindra Capital, BofA Securities, Goldman Sachs, DAM Capital, SBI Capital and BoB Capital are the investment bankers for the public issuance. KFintech is the registrar of the matter.
The BSE Sensex was trading at 54,375 points, 115.9 points lower or 0.2 percent on the Nifty at 16,279.50, down 16 points.