Gland Pharma Closes IPO Debut 22% Higher From Listing Price

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Gland Pharma Closes IPO Debut 22% Higher From Listing Price
Credit: © Reuters.

By Aditya Raghunath -- It’s hard to believe that Gland Pharma Ltd (NS: GLAD ) struggled to get retail subscriptions for the first two days of its IPO offering. The scrip made its debut on the indices today and closed at Rs. 1,828, 22% higher than its listing price of Rs. 1,500.

Gland Pharma is a generic-injectables company where Chinese companies Fosun Singapore and Shanghai Fosun Pharmaceutical Group Co Ltd (HK: 2196 ) have a majority stake. They owned 74% of the company pre-issue. After the listing, their equity has come down to 58%. Gland Pharma raised Rs. 6,480 crore via its IPO and will use the fresh funds for funding working capital and capex requirements.

The company has its headquarters in Hyderabad and operates under a B2B (business to business) model, selling its products in over 60 countries. However, around 67% of its revenues come from the US and 18% from India. Total revenues for the year ended March 31, 2020, were Rs. 2,633 crore out of which India’s revenue amounts to Rs. 467 crore

It is the first company in the pure formulations space to list on Indian exchanges. Gland Pharma has seven manufacturing facilities in India: Four finished formulations facilities that have 22 production lines and three API (active pharmaceutical ingredient) facilities.

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