Gland Pharma IPO
Gland Pharma Limited (GLAND) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 20 November 2020.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +1.5% (likely range -11% to +9%), day's high +5.7%, chance of a gain 50%. Actual: +14.0% at the open, +23.3% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 86,39,394 | 5,52,50,350 | 6.40x | |
| NII (HNI) total | 64,79,546 | 32,94,470 | 0.51x | |
| Retail | 1,51,18,939 | 36,10,850 | 0.24x | |
| Total | 3,02,37,879 | 6,21,55,670 | 2.06x |
Bids on NSE and BSE together, as published by NSE. Shares offered exclude the anchor portion. 4% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Gland Pharma's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| ICICI Lombard General Insurance CompanySep 2017 | 8.17x | 0.83x | 1.23x | 2.98x | ₹5,701 Cr | -1.5% | +5.0% |
| Chalet HotelsJan 2019 | 4.66x | 1.10x | 0.03x | 1.57x | ₹1,649 Cr | +5.0% | +7.1% |
| SBI Life Insurance CompanySep 2017 | 12.6x | 0.70x | 0.85x | 3.58x | ₹8,400 Cr | +5.0% | +5.7% |
| Varun BeveragesOct 2016 | 4.94x | 0.42x | 0.82x | 1.86x | ₹1,112 Cr | -3.4% | +6.0% |
| The New India Assurance CompanyNov 2017 | 2.34x | 0.12x | 0.11x | 1.19x | ₹16,584 Cr | -6.2% | -6.2% |
| Aavas FinanciersSep 2018 | 2.77x | 0.26x | 0.25x | 0.97x | ₹1,734 Cr | -8.7% | -4.1% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
| Citigroup Global Markets India | 35 | +14.2% | 63% |
| Haitong Securities India | 2 | +87.0% | 100% |
| Nomura Financial Advisory and Securities (India) | 27 | +16.0% | 56% |
Offer documents (NSE)
Frequently asked
What is the Gland Pharma IPO price band and lot size? ₹1,490–1,500 per share, with a lot of 10 shares, so the smallest retail bid is ₹15,000.
How many times has it been subscribed? 2.06x overall: QIB 6.40x, NII 0.51x, retail 0.24x.
How did it list? It opened at ₹1,710, +14.0% against the issue price of ₹1,500, and closed its first day +21.3%.
