Shares of Gland Pharma are in focus today as its two-year-plus shareholder lock-in period ends.
The end of this lock-in period would mean that as many as 3.27 crore shares of the company, or 20% of its outstanding shares will be eligible for trading, according to a Nuvama Alternative and Quantitative Research note.
It must be highlighted that the end of the lock-in period only means that the shares are free to be traded and not necessarily will be sold in the open market.
The Hyderabad-based Gland Pharma floated its ₹6,500-crore initial public offering (IPO) on November 9, 2020, and the stock was listed on the bourses on November 20.
The IPO comprised a fresh issue of ₹1,250 crore and an offer for sale of 3.4 crore equity shares.
The drug maker has seen a reversal of fortunes recently and after its June quarter results, which were better than expectations, the stock went back to trading above its IPO price of ₹1,500 for the first time since January this year. The stock has gained more than 18% in the past three months, but dropped nearly 9% in the past one month.
In September, Gland Pharma announced that its Pashamylaram facility in Hyderabad received an Establishment Inspection Report (EIR) from the United States Food and Drug Administration(USFDA) indicating closure of the inspection.
Shares of Gland Pharma are trading 0.6% lower at ₹1,524.45, just above its IPO price of ₹1,500.
(Edited by : Hormaz Fatakia)
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