Gland Pharma made a grand debut today morning. As against the IPO price of Rs.1500, it got listed on the BSE at Rs.1701 and went up to Rs.1845 and currently hovers around Rs.1802.
Given the response to the IPO, the listing price was more or less on the expected lines. The IPO had subscribed 2.06 times. It’s the QIP portion which saw took the lion’s share, subscribing 6.4 times while HNIs part was at 0.51 times and Retail at 0.24 times.
In our IPO Analysis, we had said, “Company’s size of operations, healthy growth and superior margins are likely to keep institutional interest high, post listing too. If promoter being a Chinese company raises concern, that’s for the regulators to decide and a personal call to be taken by the prospective investors, similar to making a choice for ESG or Shariah investing.”
Our conclusion - Despite recent IPOs being a mixed big, potential for listing gains is seen. And for portfolio investing, share is a very good pick, given its superior margins and healthy growth rates.