Glenmark Life IPO sees retail rush

Retail and high networth investors rushed to bid for Glenmark Life Sciences initial public offering which got fully subscribed within three hours, on the first day of bids opening.

The public issue of  Rs 1,513 crore by Glenmark Pharma's 100 per cent-owned subsidiary in the price band of Rs 695 to Rs 720 per equity share of Rs 2 face value got overall subscribed 2.84 times as per the first day's final bidding data. The retail individual investors portion got subscribed 5.30 times and HNI portion 0.88 times while QIBs were yet to make any bids.

On Monday the company had allotted shares worth Rs 454.08 crore to anchor investors.