Mumbai, November 9: The initial public offer (IPO) of Hyderabad-based injectable-focused Gland Pharma opened for subscription today with an issue price band of Rs 1,490-1,500 per share.

The Fosun Singapore and Shanghai Fosun Pharma-promoted Gland Pharma aim to raise Rs 6,480 crore from the issue. The company has already raised Rs 1,944 crore from anchor investors last week ahead of the IPO. What is an IPO? Here's How to Apply For an Initial Public Offering; From CAMS, Chemcon Speciality Chemicals & Angel Broking, Here Are the 3 IPOs Which Will Hit the Market This Week.

Founded initially by P V N Raju in 1978, Gland Pharma’s current promotor Fosun Pharma had acquired a 74 per cent stake in the drug firm in 2017. After this IPO, its promoter shareholding will fall to 58 per cent. The IPO consists of a fresh issue of Rs 1,250 crore and an offer for sale of 3,48,63,635 equity shares by the promoter and other selling shareholders.

Here's how to apply for an IPO?

  • Login into your online net-banking account.

  • In the investments section, click on the IPO/e-IPO option and complete the verification process.

  • In this step, you will be led to a screen which says-‘Invest in IPO’ Select the IPO for which you would like to apply to Choose the number of shares and the ‘bid price’.

  • By clicking 'Apply Now, you can confirm and place your order.

Over the last two months,  companies have gone public despite the COVID-19 pandemic. After the blockbuster debut of Happiest Minds, D-street was seen abuzz with other IPO offerings from Computer Age Management Services (CAMS), Chemcon Speciality Chemicals and Angel Broking.

(The above story first appeared on LatestLY on Nov 09, 2020 01:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).