Gland Pharma shares listed today at Rs 1,701, at about 14 per cent premium over the issue price of Rs 1,500. The stock rose further to Rs 1,819 and is currently hovering around Rs 1,760.
The stock has been quoting at a premium, as was predicted by some market analysts and has a market cap of Rs 29,000 crore at current market price.
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The issue is one of the biggest public offers in India in the pharma sector. The public issue was floated to raise about Rs 6,480 crore, including Rs 1,250 crore through a fresh issue of shares.
The IPO was oversubscribed 2.06 times, thanks to qualified institutional buyers, whose portion got subscribed by over six times. However, the IPO received a lukewarm response from retail investors (0.23 per cent) and high net worth individuals (0.50 per cent).
Ahead of the issue, the Hyderabad-based company, in which Chinese firm Fosun Pharma is a major investor, had raised Rs 1,943.86 crore from 70 anchor investors. The IPO price band was fixed at Rs 1,490-1,500 a share. The company is an integrated manufacturer of complex, injectable products.
ALSO READ: Gland Pharma IPO subscribed 2 times