India's Glenmark Life Sciences rises 11% in market debut

Alivus Life Sciences

06/08/2021 08:21

** Shares of the Indian active pharmaceutical ingredients
maker  GLEM.NS  gain as much 11% to 799 rupees in their stock
market debut
    ** GLEM shares opened at a 4.2% premium to their initial
public offering (IPO) price of 720 rupees  urn:newsml:reuters.com:*:nFWN2PC1NF
    ** Co offered 21 mln shares in its IPO at a price of 720
rupees per share, raising 15.14 bln rupees ($204.13 mln),
according to its final offer documents https://bit.ly/2VvTvfd
 
    ** At opening price of 750 rupees, co valued at 91.9 bln
rupees ($1.24 bln)
    ** GLEM, incorporated in 2011, has a portfolio of 120 APIs
in chronic therapeutic areas such as cardiovascular disease,
central nervous system disease, pain management and diabetes 
    ** GLEM's debut is tepid compared to a 21% jump at listing
for drugmaker Gland Pharma  GLAD.NS  last year 
    ** GLEM is backed by promoter and drugmaker Glenmark
Pharmaceuticals Ltd  GLEN.NS  
    
($1 = 74.1675 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))