NEW DELHI: Gland Pharma made a strong debut on stock markets on Friday as the company's shares listed with a premium of up to 14 per cent.
The leading pharmaceutical company witnessed robust opening on both the BSE and the NSE.
On the BSE, the scrip opened at Rs 1,701 apiece, a gain of over 13 per cent compared to the issue price of Rs 1,500. It touched an intra-day high of Rs 1,850 and was trading 3 per cent higher at Rs 1,753.05 in late morning trade.
Similar trends were witnessed on the NSE too where the company's shares listed at Rs 1,710 before touching a high of Rs 1,850.
The opening price was 14 per cent more as compared to the issue price. In late morning trade, the scrip was quoted nearly 3 per cent higher at Rs 1,754 apiece.
The price band for the initial public offer (IPO), which closed earlier this month, was fixed at Rs 1,490-1,500 per share. The company's promoters are Fosun Singapore and Shanghai Fosun Pharma.
The offer comprised issuance of fresh shares worth up to Rs 1,250 crore and an offer for sale (OFS) of up to 3,48,63,635 shares.
The OFS consists of sale of up to 1,93,68,686 shares by Fosun Pharma Industrial Pte Ltd, 1,00,47,435 shares by Gland Celsus Bio Chemicals Pvt Ltd, 35,73,014 shares by Empower Discretionary Trust and 18,74,500 shares by Nilay Discretionary Trust. Gland Pharma raised Rs 1,944 crore from anchor investors by selling shares at Rs 1,500 apiece.
Government of Singapore, Nomura, Goldman Sachs, Morgan Stanley, SBI Mutual Fund, Axis Mutual Fund, SBI Life Insurance Company and Fidelity were among the anchor investors.