Pharma firm Gland Pharma has set the price band for its initial public offer (IPO) at Rs 1,490-1,500 per share. At the higher price band, Gland Pharma aims to raise Rs 6,479.54 crore via public issue.

The issue will open for subscription on November 9 and will close on November 11. The IPO open for a day for anchor investors on November 6.

Investors can bid for a minimum of 10 equity shares and in multiples of 10 shares thereafter.

The IPO of the company, promoted by Fosun Singapore and Shanghai Fosun Pharma, consists of a fresh issue of Rs 1,250 crore and an offer for sale of 3,48,63,635 equity shares by promoter and other selling shareholders.

The offer for sale comprises 1,93,68,686 shares by promoter Fosun Pharma Industrial Pte, and 1,00,47,435 equity shares by Gland Celsus Bio Chemicals, 35,73,014 shares by Empower Discretionary Trust and 18,74,500 by Nilay Discretionary Trust.

The company said that it will not receive any money from the offer for sale portion while the fresh issue proceeds will be utilized for funding incremental working capital requirements, capital expenditure requirements and general corporate purposes.

Kotak Mahindra Capital Company, Citigroup Global Markets India, Haitong Securities India and Nomura Financial Advisory and Securities India are the book running lead managers to the issue.

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(Edited by : Pranati Deva)