Glenmark Life Sciences IPO fully subscribed within two hours but issue slips from premium in gray market

Glenmark Life Sciences IPO fully subscribed within two hours but issue slips from premium in gray market

Glenmark Life Sciences became oversubscribed within two hours of its IPO opening.

Glenmark Life Sciences IPO : The IPO of Glenmark Life Sciences has received tremendous response from investors on the very first day itself. Today (27 July 2021), this IPO was fully subscribed in less than two hours of opening. The maximum subscription has come from retail investors. Due to the overwhelming response from retail investors, the reserve portion got oversubscribed for them on the very first day itself. Glenmark Life Sciences is a subsidiary of Glenmark and manufactures APIs for medicines for chronic disease. The company has strong partnerships with global pharma companies.

Retail investors quota oversubscribed within two hours

Glenmark Life Sciences’ IPO of Rs 1541 crore includes both new shares and offer for sale. However, during the first day of bidding for the IPO, it is trading at a premium in the gray market. So far retail investors have subscribed 2.46 times to the issue. Retail investors have subscribed their quota within two hours. So far, non-institutional investors (NIIs) have subscribed only 0.21 times of this IPO. So far the response from Qualified Institutional Buyers (QIBs) is not looking very encouraging. He hasn’t bought much. 50 percent of this IPO is reserved for QIBs. 35% is reserved for retail investors. The rest 15 per cent is for NIIs. Overall, this issue has been subscribed 1.28 times so far. Under this, 2.02 crore equity was applied for, while 1.5 crore shares were floated under the IPO.

Glenmark Life Sciences IPO: Glenmark’s IPO open for subscription, giving 20% ​​premium in gray market, know from experts whether to invest money in it or not

Glenmark Life Sciences shares may be listed on August 6

Glenmark Life Sciences is likely to be listed on the stock market on August 6, 2021. In the DRHP filed in April, the company had said that it would issue fresh shares worth Rs 1160 crore and offer for sale would be brought for 73.05 lakh shares. But now this size has been reduced. After the listing, Glenmark Life Sciences will join the race along with Divis Laboratories, Laurus Labs, Shilpa Medicare, Aarti Drugs and Solara Active Pharma Sciences. Glenmark Life Sciences will be the fifth IPO of this month. Prior to this, IPOs of Clean Science and Technology, GR Infraprojects, Zomato, Tattva Chintan Pharma and Gland Pharma have come. All these are IPOs of the pharma sector.

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