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Glenmark Life Sciences Ltd shares are listed at a 4 per cent premium. The stock had opened at Rs 751.10 apiece compared with its issue price of Rs720 a share. It touched a high and a low of Rs 768.75 and Rs 737.35, respectively.
The initial public offering (IPO), at a price band of Rs 695-720 per share, was subscribed over 44 times. The offer consisted of a new issue of Rs 1,060 crore worth of shoes and an offer for sale (OFS) of up to 63 lakh shares by promoter Glenmark Pharma.
At the upper end of the IPO price band, Glenmark Life Sciences Ltd. was offered at 25.09 times its FY21 earnings, analysts said. “Given the company’s leadership in select high-value non-commercialized APIs in chronic therapeutic areas, cost leadership, strong management, strong balance sheet, growing business, high RoNW of 46.71 per cent in the fiscal ended March 31, 2021, and reasonable valuations; (we are positive on the firm,” brokerage firm Anand Rathi said in a note to its investors.
Glenmark Life Sciences, a wholly-owned subsidiary of Glenmark Pharmaceuticals Ltd, was incorporated in the year 2011 and is a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease (CVS), central nervous system disease (CNS), pain management and diabetes.
Stock Covered in the news
