The Rs 6,480 crore-IPO of Gland Pharma received a good response from the qualified institutional buyers (QIBs) out of all categories, with their portion subscribed 2.87 times so far. The total subscription received on the issue till now is 93 percent, as of November 11.

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The public issue has received bids for 2.8 crore equity shares against the total size of 3.02 crore equity shares, showed the NSE data.

The portion from QIBs received a 2.87 times subscription so far on the final day of bidding, while the portion for retail investors saw a 17.58 percent subscription.

The Fosun Singapore and Shanghai Fosun Pharma-promoted Gland Pharma aims to raise Rs 6,480 crore from the issue. The company has already raised Rs 1,944 crore from anchor investors last week ahead of the IPO.

The price band is fixed at Rs 1,490-1,500 per share.

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

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The company aims to continue investing in manufacturing and technology capabilities to expand its product portfolio and increase market share through organic and inorganic means, it said. The funds raised from the IPO will be used to fund capital expenditure, working capital requirements, and general corporate purposes, it added.

The company has a presence in sterile injectables, oncology, and ophthalmics, and focus on complex injectables, NCE-1s, First-to-File products. It has seven manufacturing facilities in India, comprising 4 finished formulation facilities and 3 API facilities.

Promoter Shanghai Fosun Pharma acquired a 74 percent stake in Gland Pharma for about $1.1 billion in 2017. This stake will be reduced to a 58 percent post offer.

(Edited by : Jomy)