Glenmark Life Sciences shares make muted debut, list at 4% premium

Glenmark Life Sciences shares edged higher on debut on stock markets as they rose to ₹751 per share, a premium over the issue price of ₹720 apiece.

Glenmark Life Sciences shares on Friday made a tepid listing on the National Stock Exchange (NSE) and BSE at over 4% premium from its price band of ₹695- ₹720 per share. Glenmark Life Sciences' market capitalisation stood at ₹9,267 crore, BSE data showed. Glenmark Life Sciences shares edged higher on debut on stock markets as they rose to ₹751 per share, a premium over the issue price of ₹720 apiece. The stock touched a high and a low of ₹800 and ₹737, respectively.

Glenmark Life Sciences shares listing comes days after its initial public offering (IPO) was oversubscribed 44 times. (File Photo)

Grey market price of Glenmark Life Sciences shares earlier suggested a weak opening for the IPO.

The listing of Glenmark Life Sciences shares comes days after its initial public offering (IPO) was oversubscribed 44 times. NSE data showed that the ₹1,513.6-crore Glenmark Life Sciences IPO received bids for 66,33,24,160 shares against 1,50,18,279 shares on offer. Qualified Institutional Buyers (QIBs) portion received 36.97 times subscription, non-institutional investors a whopping 122.54 times and retail individual investors (RIIs) 14.63 times.

Glenmark Life Sciences IPO comprised a fresh issue of up to ₹1,060 crore and an offer for sale of up to 63 lakh equity shares. Its price range was at ₹ ₹695-720 per share. Glenmark Life Sciences on Monday raised ₹454 crore from anchor investors.

Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, said proceeds from the fresh issue will be used towards the payment of outstanding purchase consideration to the promoter for the spin-off of the API business and funding the capital expenditure requirements.