Gland Pharma Raises Rs 1,944 Crore Ahead Of IPO

On Saturday, Gland Pharma said that it has raised Rs 1,943.86 crore from 70 anchor investors ahead of its initial public offering (IPO) that opens on Monday, 9 November. The company has raised funds at the upper end of the price band at Rs 1,500 per share by allotting 12,959,089 shares to investors.

Overseas investors including SmallCap World Fund INC, Government of Singapore, The Nomura Trust And Banking Co and Goldman Sachs made for 20 percent of the total anchor allotment. Meanwhile, domestic mutual fund houses, including Axis Mutual Fund, SBI Mutual Fund, Aditya Birla Sun Life Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund and Kotak Mutual Fund cornered over 15 percent of shares.

Gland Pharma has set a price band of Rs 1,490-1,500 per share for its Rs 6,500 crore IPO, which will be open for bids between 9 and 11 November.

The issue includes a fresh issue of shares amounting to up to Rs 1,250 crore and an offer for sale (OFS) of more than 3.4 crore shares. The OFS includes 1.94 crore shares by China's Fosun Pharma Industrial Pte Ltd, 1 crore shares by Gland Celsus Bio Chemicals Pvt Ltd, 35.73 lakh shares by Empower Discretionary Trust and 18.74 lakh shares by Nilay Discretionary Trust.

Proceeds of the IPO will be used to meet the company's working capital requirements.