Gland Pharma IPO offer to open on November 9

Hyderabad: Rs 6,500 crore initial public offer (IPO) from Gland Pharma is scheduled to open on November 9 and closes on 11. The anchor issue for institutional investors opens on November 6. City-based pharma major has set a price band of Rs 1,490-1,500 per share (face value of Rs1).

Srinivas Sadhu, MD and CEO of Gland Pharma, said: "The company plans to raise up toRs 1,250 crore through issuance of fresh equity and allow its China-based promoter Fosun Pharma Industrial Pte Ltd and Gland Celsus Chemicals Pvt Ltd another shareholder to sell a part of their stake. The price band has been decided at Rs 1,490 to Rs 1,500."

The primary issue size is Rs 1,250 crore, while at the top end of the price band the issue is Rs 6,480 crore. "The total secondary offer is about 22.5 per cent of the pre-issue capital with Fosun Group offering 12.5 per cent of the total pre-issue capital and the rest is coming from the other selling shareholders of 10 per cent. The total dilution is therefore 26.48 per cent at the top end of the price band," Sadhu told the media here on Wednesday.