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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