Glenmark Life Sciences, an India-based firm that manufactures Active Pharmaceutical Ingredients (API), is moving forward with its IPO allotment. Glenmark Life Sciences is expected to list publicly for trading on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Ltd. (NSE).
The IPO for Glenmark Life Sciences opened for subscription on July 27 and has been subscribed at 44.17 times its IPO. Those bidding on the IPO shares can check their status by checking at the BSE website or the KFintech website, which is the official registrar of the IPO.
Glenmark IPO allotment news
Since Glenmark is a highly oversubscribed IPO, the demand for shares exceeds the supply of available shares being offered in the IPO. Therefore, not all prospective investors will be able to get a piece of the newly public company.
The shares will be allotted to certain investors who have shown interest. To find out your Glenmark Life Sciences IPO allotment status, you will need to go to either the BSE website or the KFintech site and check your application.
Originally, the Glenmark IPO price band was fixed at Rs 695–720 per share. According to the Indian Express, there were bids of over 66.33 crores received against the total issue size of 1.50 crore.
Some shares are allotted only to QIBs (qualified institutional buyers), and those were subscribed 36.97 times. Non-institutional investors were even more oversubscribed at 122.54 times the offering. Individual retail investors were subscribed 14.63 times, according to data from the NSE.
The Glenmark IPO allotment was expected to be completed on Aug. 3, but according to the registrar’s website, it's set for Aug. 4.
Those who have applied for the Glenmark Life Sciences IPO allotment can check their status on the Kfintech website. You need your application number, client ID, or PAN to see your personal status in the IPO allotment.
The BSE website is another location where you can check the status of your Glenmark IPO allotment application. Select Glenmark Life Sciences Limited from the drop-down menu. You will need an application number and PAN.
The listing of the shares is expected to be completed on Aug. 6 on both Indian stock exchanges (Indian Express).
What is Glenmark Life Sciences?
As a company, Glenmark Life Sciences spun out from Glenmark Pharmaceuticals. The firm develops and manufactures APIs (Active Pharmaceutical Ingredients) to help develop medicines for chronic therapeutic areas. It works with 16 of the 20 largest generic companies in the world.
Glenmark Life Sciences has over 120 of its high-quality API products. The company works with more than 540 customers in six global markets—North America, Europe, Japan, LATAM, India, and ROW.
How to invest in Glenmark Life Sciences
In order to purchase shares of Glenmark Life Sciences, you will need to have a brokerage account with a company that enables trading on Indian stock markets like the BSE and NSE. Not all U.S. brokerages have this capacity. So, if you’re interested in Glenmark Life Sciences, look into a broker that offers trading on foreign markets.