Glenmark Life Sciences’ share price declined over three percent on Thursday as the 30-day lock-in period for the company’s anchor investors ended. The stock is trading below the IPO issue price of Rs 720.

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The shares of Glenmark Life Sciences (GLS) were listed on bourses on August 6 at Rs 750 per share, a premium of 4.17 percent to the issue price.

The stock price hit an all-time high of Rs 799.95 on a listing day, while it touched a low of Rs 665.55 apiece on August 24.

The company had allotted 63,06,660 equity shares to 19 anchor investors at Rs 720 a share, aggregating to Rs 454 crore, ahead of its initial public offering (IPO).

At current market prices, anchor investors seem to have booked losses on their investments to the tune of around Rs 50 per share.

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Anchor investors are large institutional investors that buy a substantial number of shares in an IPO-bound company. They have a 30-day lock-in period post-allotment. This means they cannot sell their shares before 30 days from the date of allotment.

HSBC Global Investment Funds, Government Pension Fund Global, Oaktree Emerging Markets Equity Fund LP, Copthall Mauritius Investment Ltd -ODI account, Societe Generale-ODI, Kuber India Fund and Reliance General Insurance Company were among the GLS’ anchor investors.

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The IPO of Glenmark Life Sciences was subscribed 44.17 times during July 27-29 as it received bids for 66.32 crore equity shares against the IPO size of 1.50 crore equity shares.

The allotment of shares took place on August 3 and the lock-in period for anchor investors ended on September 2.

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Glenmark Life Sciences, a wholly-owned subsidiary of Glenmark Pharmaceuticals, is a manufacturer of active pharmaceutical ingredients (APIs) in several areas. These APIs are high-value and non-commoditised in chronic therapeutic areas.

The issue consisted of a fresh issue of Rs 1,060 crore and an offer for sale (OFS) worth Rs 63 lakh shares by its parent company.

At 12:20 pm, the shares of Glenmark Life Sciences were trading 3.20 percent lower at Rs 673.50 apiece on the BSE.

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