Glenmark Life Sciences, a wholly-owned subsidiary of Glenmark Pharmaceuticals, is all set to hit the market this week. After the bumper listing of Tatva Chintan Pharma Chem stocks last week, investors are eagerly waiting for the listing of another pharma stock likely scheduled for August 6. The allotment status of Glenmark Life Sciences initial public offering (IPO) likely to be finalised on Tuesday. Once the share allotment is finalised, the funds will be refunded to the ineligible investors on August 4. The equity shares will be credited to the demat accounts of eligible investors on August 5. The Rs 1,513.6-crore public issue received an overwhelming response from the investors as it was subscribed 44.17 times. The quota reserved for the institutional investors was booked 36.97 times while the non-institutional investors put a bid 122.54 times. The retail portion was subscribed 14.63 times. Glenmark Life Sciences IPO received more than 39 lakh applications, the second-highest ever after Reliance Power IPO in 2008.
Glenmark Life Sciences IPO comprises a fresh issue of Rs 1,060 crore and an offer for sale of 63 lakh equity shares by promoter Glenmark Pharmaceuticals. The price band for the offer was fixed at Rs 695-720 per equity share. “Based on FY-2021 PE of 22x and EV/EBITDA of 12.9x at the upper price band of the IPO price, valuations are slightly better than the peer companies. Similarly, the company has one of the best ROCE of 32.7%. Company has a healthy balance sheet and will be Net Debt free after the IPO. We expect the upcoming expansion plan in Ankleshwar & Dahej will be the next growth driver for the company,” said Yash Gupta, equity eesearch associate, Angel Broking Ltd.
How to Check Glenmark Life Sciences IPO allotment status via BSE
1) Go to the official BSE website. Via the URL (https://www.bseindia.com/investors/appli_check.aspx).
2) It will take you to a page called ‘Status of Issue Application’. There you need to select the ‘Equity’ option.
3) Select ‘Glenmark Life Sciences Limited’ from the drop-down menu that is besides the issue name.
4) Input your application number and the Permanent Account Number (PAN). Then you just click the ‘I am not a robot’ to verify yourself and click ‘Search’. This will show you the status of the application.
How to Check Glenmark Life Sciences Limited share allotment status via the Registrar’s Website (KFin Technologies Private Limited)
1) Go to the web portal of KFin Technologies Private Limited -https://ris.kfintech.com/ipostatus/ipos.aspx
2) Select the IPO in dropbox where the name will be populated. This option will open only after the allotment is finalised
3) You have to select either one of the three modes: application number, client ID or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Then you need to enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately and hit submit
However, the grey market premium premium of saw a dip in the last few days. Market analysts pointed out that a poor sentiment in the pharma sector could be reason behind the dip of Glenmark Life Sciences shares in the unofficial market. Currently, the share is trading at a premium of Rs 91 in the grey market, over the issue size of Rs 695-720. The shares were trading at around Rs 820 apiece, a 12 per cent premium over IPO price, according to the people who deal in shares of unlisted companies.
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