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 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.
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)
