Gland Pharma shares will be available in the price band of Rs 1,490-1,500 per share.The Rs 6,500 crore initial public offering (IPO) of Gland Pharma opens for bidding today.

The IPO will remain open for three days until November 11 and the shares will be available in the price band of Rs 1,490-1,500 per share.

The shares of Gland Pharma are likely to be listed on the bourses on November 20.The IPO consists of a fresh issue of shares worth around Rs 1,250 crore and an offer for sale (OFS) of more than 3.4 crore shares.

The OFS comprises the sale of up to 1.94 crore shares by 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.Gland Pharma's public offer will be the largest pharma IPO in the country, as per estimates.

It will also be the Indian company, with Chinese parentage, to tap the primary marker for funding.The applicants can bid for a minimum 1 lot of 10 shares and in multiples of 10 shares thereof, up to 13 lots.

At the higher end of the price band, the pharma giant is looking at raising Rs 6,479.54 crore.

The proceeds from the issue will be utilised for working capital requirements and for general corporate purposes.Ahead of the IPO, Gland Pharma raised Rs 1,944 crore from 70 anchor investors, including the government of Singapore, Nomura, Goldman Sachs, Morgan Stanley, SBI Mutual Fund, Axis Mutual Fund, SBI Life Insurance, Fidelity, ICICI Prudential Mutual Fund and HSBC Global Investment Funds.

A total of 12,959,089 shares were alloted to the anchor investors at a price of Rs 1,500 a share.

A total of 35 per cent of the shares are reserved for the retail segment.Gland Pharma was founded in Hyderabad by P V N Raju in 1978.

The China-based Fosun Pharma bought a majority stake of 74 per cent in the company in the year 2017.Gland Pharma manufactures complex injectables and sells in more than 60 countries, including the United States, Europe, Canada, Australia and India.Kotak Mahindra Capital, Citigroup Global Markets, Haitong Securities and Nomura Financial Advisory and Securities are the book running lead managers to the IPO, while Link Intime India Pvt is the registrar to the issue.