Glenmark Life Sciences is likely to finalise its initial public offering (IPO) share allotment status on Tuesday. The Rs 1,513.6-crore public issue opened for subscription July 27-29. Glenmark Life Sciences IPO received a stellar response from the investors, with total subscription topping 44.17 times. The price band for the offer was fixed at Rs 695-720 per equity share. The portion set aside for qualified institutional investors saw a subscription of 36.97 times. The non-institutional quota was booked 122.54 times while the retail portion was subscribed 14.63 times.
Glenmark Life Sciences stocks likely to hit the market on August 6. Ahead of the listing, the unlisted share was reported to be trading at a price of Rs 97-100, over the issue size of Rs 695-720. The shares were trading at around Rs 820 apiece, a 14 per cent premium over IPO price, according to the people who deal in shares of unlisted companies. It must be noted that the grey market premium of Glenmark Life Sciences has dropped significantly in the last few days.
There are two ways to check the share allotment status of Glenmark Life Sciences IPO on Tuesday — via a) BSE website, b) IPO registrar’s website.
How to Check Glenmark Life Sciences IPO allotment status via BSE
1) Go to the official BSE website. Via the URL (https://www.bseindia.com/investors/appli_check.aspx).
2) It will take you to a page called ‘Status of Issue Application’. There you need to select the ‘Equity’ option.
3) Select ‘Glenmark Life Sciences Limited’ from the drop-down menu that is besides the issue name.
4) Input your application number and the Permanent Account Number (PAN). Then you just click the ‘I am not a robot’ to verify yourself and click ‘Search’. This will show you the status of the application.
Read More:-How to manage risks vis-a-vis stock market
How to Check Glenmark Life Sciences Limited share allotment status via the Registrar’s Website (Link Intime India)
1) Go to the Link Intime India website using the URL: (https://www.linkintime.co.in/IPO/public-issues.html)
2) Select the ‘Glenmark Life Sciences Limited Limited – IPO’ option from the drop-down list under ‘Company’.
3) You can enter one of four different credentials to authenticate yourself.
These credentials are the PAN number, your application number, DP Client ID or IFSC code/Account Number. Then you simply submit and view the status of the share allotment.
After the finalisation of share allotment, funds will be refunded to ineligible investors on August 4, The equity shares will be credited to the demat accounts of eligible investors on August 5.
Glenmark Life Sciences IPO comprises a fresh issue of Rs 1,060 crore and an offer for sale of 63 lakh equity shares by promoter Glenmark Pharmaceuticals. The fund raising comes to Rs 1,513.6 crore at a higher price band. The company will utilise fresh issue proceeds for payment of outstanding purchase consideration to the promoter for the spin-off of the API business from the promoter into the company pursuant to the business purchase agreement dated October 9, 2018 (Rs 800 crore), and funding capital expenditure requirements (Rs 152.76 crore).
Most analysts recommended subscription rating for the Glenmark Life Sciences IPO considering the company’s future prospects. The company, the wholly-owned subsidiary of pharma major Glenmark Pharmaceuticals is well-placed in the Active Pharmaceutical Ingredient (API) business, analysts said.
