Glenmark Life Sciences IPO subscribed 44.17 times at close on Day-3

The Rs.1,514 crore IPO of Glenmark Life Sciences, comprised of Rs.1,060 crore of fresh issue and Rs.454 crore OFS. The IPO was priced in the band of Rs.695-720 and the 3 day IPO closed for subscription on 29 July 2021, Thursday. The IPO had already been fully subscribed on Day-1 and as of the close of Day-3, the Glenmark Life IPO was subscribed 44.17 times.

As of close of Day-3 of the IPO on 29-Jul, out of the 150.18 lakh shares on offer in the IPO, Glenmark Life Sciences saw applications for 6,632.98 lakh shares. This implies an overall subscription of 44.17 times. The granular break-up of subscriptions is as under. 

The QIB portion got subscribed a healthy 36.97 times with the FPI and domestic applications coming almost in equal measure in on the last day. It may be recollected that Glenmark Life had placed 63.10 lakh shares to QIB anchor investors like HSBC, Copthall Mauritius, Kuber, Oaktree, IMF, Norwegian Pensions and Reliance General ahead of the IPO. 

HNI portion got subscribed a whopping 122.54 times with most of the funded and corporate applications coming in on the last day of the IPO. The retail portion has grown steadily over the last 3 days and closed with 14.63 times subscription at the close of Day-3.

Among retail investors; out of the 75.43 lakh shares on offer, valid bids were received for 1,103.39 lakh shares, of which bids for 854.65 lakh shares were received at the cut-off price. With the IPO fully subscribed on Day-1 itself, the question was only about oversubscription. Apart from the retail traction, the Glenmark Life IPO has seen tremendous response from QIBs and HNIs on the last day of the IPO.