Making a stellar debut, shares of Gland Pharma Ltd on Friday surged over 21 per cent on the bourses compared to its issue price.
After opening on a strong note, the scrip settled with 7 per cent gain on the BSE and the NSE when compared with the opening level.
On the BSE, the shares opened at Rs 1,701 apiece, a gain of over 13 per cent compared to the issue price of Rs 1,500. The stock touched an intra-day high of Rs 1,850 and ended the day at Rs 1,820.45.
Similar trends were witnessed on the NSE where the scrip listed at Rs 1,710 and touched an intra-day high of Rs 1,850. The opening price was 14 per cent more as compared to the issue price. It closed at Rs 1,828.
Compared to the issue price of Rs 1,500 apiece, the scrip ended the day with a gain of more than 21 per cent on both the bourses.
The price band for the initial public offer (IPO), which closed earlier this month, was fixed at Rs 1,490-1,500 per share. The company's promoters are Fosun Singapore and Shanghai Fosun Pharma.
The offer comprised issuance of fresh shares worth up to Rs 1,250 crore and an offer for sale (OFS) of up to 3,48,63,635 shares.
The OFS consists of sale of up to 1,93,68,686 shares by Fosun Pharma Industrial Pte Ltd, 1,00,47,435 shares by Gland Celsus Bio Chemicals Pvt Ltd, 35,73,014 shares by Empower Discretionary Trust and 18,74,500 shares by Nilay Discretionary Trust.
Gland Pharma raised Rs 1,944 crore from anchor investors by selling shares at Rs 1,500 apiece. Government of Singapore, Nomura, Goldman Sachs, Morgan Stanley, SBI Mutual Fund, Axis Mutual Fund, SBI Life Insurance Company and Fidelity were among the anchor investors.