Glenmark Life decent debut

Glenmark Life Sciences made a good debut today morning, getting listed on the BSE and NSE at Rs.751.10 v/s IPO price of Rs.720 and went up as high at Rs.799.95.

The company’s Rs.1514 crore IPO was subscribed 45.08 times, with demand led mainly by HNIs portion getting subscribed 125.62 times. Qualified institutional investors put in bids to the tune of 36.97 times and retail was subscribed 14.63 times.

In our IPO Analysis, we had concluded, “Lower interest outgo in the immediate future, makes IPO pricing inexpensive and attractive for listing gains.  Over the long term, presence in high-margin non-commoditized verticals and rising capacity keeps prospects bright. Thus, company looks good both for listing gains as well as a portfolio play.”