Gland Pharma’s IPO size is about Rs 6,500 crore. This is the largest IPO of any pharmaceutical company in the country so far. Earlier, this record was named after Eris Lifesciences, which raised Rs 1,741 crore in 2017. Alkem Laboratories raised Rs 1350 crore in 2015 and Laurus Labs in 2016. In this IPO, 50% of the shares are reserved for institutional investors and 35% of the shares will be bought by retail investors. In addition, 15% of the shares are held for non-institutional investors.
Gland Pharma manufactures injectable drugs. The company sells its products in 60 countries including India, USA, UK, Australia and Canada. Its clients include global companies such as Sagent Pharmaceuticals, Fresenius Kabi USA and Athenex Pharmaceutical. Gland Pharma has a total of 1427 products and the company has submitted a New Drugs Application Filing of 267 medicines with USFDA, of which 215 have been approved. Gland Pharma achieved a revenue of Rs 2,772 crore during the last financial year as compared to Rs 2,129.7 crore in the previous financial year. The company’s profit in the financial year 2019-20 was Rs 772.8 crore as against Rs 451.8 crore in the previous financial year.
Raised Rs 1,944 crore from anchor investors
Gland Pharma has raised Rs 1,944 crore from anchor investors before its IPO. In a briefing to the stock market, the company said that the IPO committee of its board, after consulting with the IPO managers, finally approved the proposal to allot 1,29,59,089 shares to anchor investors. These shares have been allocated to anchor investors at a price of Rs 1,500 per share. The company’s anchor investors include Singapore Government, Nomura, Goldman Sash, Morgan Stanley, SBI Mutual Fund, Axis Mutual Fund, SBI Life Insurance Company, Fidelity, ICICI Prudential Mutual Fund, HSBC Global Investment Fund, Small Cap World Fund and The Scottish Oriental Smaller. Includes Companies Trust.