By Health In Five Writer
Gland Pharma’s much awaited initial public offer (IPO) has opened yesterday as the China’s Sanghai Fosun-controlled injectables maker sells shares in what will be the biggest maiden offer by a pharmaceutical company in India. The company plans to raise Rs 6,480 crore through the maiden offer at a price band of Rs 1,490-1,500 apiece. The issue comprises a fresh issue of equity shares worth Rs 1,250 crore,
The issue comprises a fresh issue of equity shares worth Rs 1,250 crore, and offer for sale for 3.5 crore shares by promoters and other shareholders. The company has already allocated 1.30 crore equity shares at Rs 1,500 apiece to 70 anchor investors, raising Rs 1,944 crore ahead of the IPO. Shareholding Pattern Sanghai Fosun, through its subsidiary Fosun Pharma Industrial Pte., holds 74% stake in the company. It will fall to 58% after the offer.
Established in Hyderabad in 1978, Gland Pharma is an injectable-focused drugmaker with a footprint across 60 countries, including markets such as the U.S., Europe, Canada, Australia and India. The company, which largely operates in the business-to-business segment, makes and markets complex injectables with drugmakers including Sagent Pharmaceuticals Inc and Apotex Inc. The U.S. is Gland Pharma’s largest market contributing more than 60% to its sales.