Gland Pharma's initial public offering (IPO) was oversubscribed on the final day of the issue on Wednesday.
Gland Pharma's IPO was subscribed 1.88 times as of 3:00 pm, according to information on National Stock Exchange's website.
Gland Pharma's IPO received total bids for 5.69 crore shares compared to 3.02 crore shares on offer.
Gland Pharma plans to raise Rs 6,500 crore by selling shares 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.
Gland Pharma IPO 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.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.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.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 allotted 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.