Gland Pharma on Saturday announced that it had already raised Rs 1,943.86 crore from 70 anchor investors well ahead of its initial public offering (IPO) that are scheduled to open on November 9. By allotting 12,959,089 shares to the investors, the company has raised funds at the higher end of the price band at the rate of Rs 1,500 per share
Global investors including SmallCap World Fund INC, Government of Singapore, The Nomura Trust And Banking Co and Goldman Sachs together seized nearly 20 percent of the total allotment for the anchors. Domestic mutual fund giants, including Axis Mutual Fund, SBI Mutual Fund, Aditya Birla Sun Life Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund and Kotak Mutual Fund grabbed more than 15 percent of the allotted shares.
“The attached shares represent 3.87% of our pre-offer paid-up equity share capital and are currently held by 10 companies that are not related to our company, our promoters, our promoter group, our directors or our key managerial personnel,” Gland Pharma said in its IPO offer documents.
Gland Pharma has already set a price band of Rs 1,490-1,500 per share for its target of Rs 6,500 crore IPO, which will be open to the market between November 9 and 11. The entire secondary offer consists of about 22.5 percent of the pre-issue capital with Fosun Group offering around 12.5 percent of the total pre-issue capital and the remaining 10 percent offer is coming from the other selling shareholders. The total dilution is expected to be around 26.48 per cent.