However, the pharma player is losing its ground in the grey market. Last heard, it was commanding a premium of less than Rs 100 in the unofficial market, where the stock was trading at a premium of more than Rs 580 when the issue was announced.
Analysts say that a poor sentiment in the pharma sector could be weighing on the company’s premium in the grey market.
Investors are now awaiting for the listing of Glenmark Life Sciences. The basis of allotment is likely to be finalised by Tuesday, August 3. The shares of the company are expected to list on Friday, August 6.
The Rs 1,514 crore issue, which was sold in the Rs 695-Rs 720 price band, received a strong investor response as it was subscribed over 44 times.
The quota reserved for qualified institutional buyers (QIBs) was subscribed 37 times while the one reserved for non-institutional investors (NIIs) by 126 times. The retail quota was subscribed 15 times.
Glenmark Life Sciences IPO received more than 39 lakh applications, the second-highest ever after Reliance Power IPO in 2008. The Rs 9,375 crore IPO of Zomato had received more than 32 lakh applications last month.
Considering the FY-21 adjusted EPS of Rs 28.69 on a post-issue basis, the upper price band implies a P/E of 25.09 with a market cap of Rs 8,822 crore, while most of its peers are trading at higher valuations. The company, which is a spinoff of Glenmark Pharma, is in the Active Pharmaceutical Ingredient (API) business, analysts said.
Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Glenmark Life Science Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on ‘I am not a Robot’ and hit submit.
You can also check the allotment status on the online portal of KFin Technologies Private Limited (https://https://evault.kfintech.com/ipostatus), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications, and carries out the allotment process as per the prospectus.
The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatch, and uploading of refunds, and attending to all investor-related queries after the issue is completed.
1) Go to the web portal of KFin Technologies Private Limited
2) Select the IPO in dropbox where the name will be populated only after the allotment is finalised
3) You may be required to select either one of the three modes: Application number, Client ID or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.
Bidders who could not get allotment in the IPO may see the initialisation of refunds on Wednesday. Shares would be credited into the demat accounts of successful bidders by Thursday.
