The maiden public issue of Gland Pharma, which is owned by Chinese Fosun Pharma, has seen tepid response so far on November 10, the second day of bidding.
The Rs 6,480 crore public offer has been subscribed 8.6 percent as it received bids for 26.93 lakh equity shares against the IPO size of 3.02 crore equity shares, the data available on the exchanges showed.
The IPO size of 3.02 crore shares excluded anchor portion through which the company already raised Rs 1,944 crore on last Friday.
The portion set aside for retail investors has seen 11.8 percent subscription and that of non-institutional investors 1 percent, while the reserved portion of qualified institutional investors has subscribed 10 percent.
Gland Pharma launched public issue on November 9 with a price band of Rs 1,490-1,500 per share, consisting a fresh issue of Rs 1,250 crore and an offer for sale of over 3.48 crore equity shares by the promoter and selling shareholders.
"With benefits of being an out and out integrated injectable/ophthal manufacturer and B2B functionary combined, Gland offers a compelling proposition with its unblemished regulatory track record and customer stickiness besides long-standing manufacturing pedigree, justifying premium valuation," said ICICI Direct which has a subscribe recommendation on the stock.
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