India's Gland Pharma jumps 23% in market debut - (Fidelity via NewsPoints Desk)

  • Shares of India's Gland Pharma gained as much as 23% on their market debut, highlighting a "strong appetite" for drug stocks, as reported in Fidelity.

  • The company opened at INR 1710 per share, after its stock was priced at INR 1500 in India's largest initial public offering (IPO) by a drugmaker, giving it a market value of INR 279.21 billion.

  • "(Gland) has never received a negative FDA report. The future prospects are bright as it has 267 [abbreviated new drug application] filings of which 215 are approved," remarked Hemang Jani of Motilal Oswal Financial Services.

  • The company offered 43.2 million shares in the IPO, including a fresh issue of 8.3 million shares, the proceeds from which will be used to fund capital expenditure needs. It raised INR 64.80 billion.

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