Glenmark Life Sciences IPO Day 1 Subscription

Glenmark Life Sciences IPO Day 1 Subscription

IPO
Last Updated: 2021-07-28T16:18:48+05:30

The Rs.1,514 crore IPO of Glenmark Life Sciences, consisting of Rs.1,060 crore of fresh issue and Rs.454 crore offer for sale, got a solid response from retail investors on Day-1. As per the combined bid details put out by the BSE, Glenmark Life IPO had been subscribed 2.78 times, with chunk of the demand coming from the retail segment followed by HNI segment. 

As of close of 27 July, out of the 150.18 lakh shares on offer in the IPO, Glenmark Life Sciences saw applications for 417.17 lakh shares at the end of Day-1. This implies an overall subscription of 2.78 times. The granular break-up of subscriptions is interesting. The QIB portion got hardly any subscriptions on Day-1 as these QIB subscriptions typically come in on the last day.

 

Glenmark Life Sciences IPO Subscription Details Day 1

Date QIB NII Retail Total
July 27, 2021 17:00 0.00x 0.86x 5.17x 2.78x

 

However, it must be remembered that on 26 July, Glenmark Life has already done an anchor placement of 63.10 lakh shares to QIB investors like HSBC, Copthall, Kuber, Oaktree, IMF, Norwegian Pensions, Reliance General etc. The original 50% QIB quota for the IPO has been reduced by the anchor investment amount.

Read: 5 Reasons to invest in Glenmark Life Sciences IPO

 

HNI portion got subscribed just 0.85 times but the funded applications come in on the last day, when we will get a clearer picture. The real big story was the retail portion, which is already subscribed 5.16 times at the end of Day-1, showing strong retail investor appetite.

Among retail investors; out of the 75.43 lakh shares on offer, valid bids were received for 389.49 lakh shares, of which bids for 315.58 lakh shares were received at the cut-off price. The IPO is priced in the band of (Rs.695-Rs.720) and will close for subscription on Thursday, 29 July.

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