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Gland Pharma: Post IPO listing, what should investors do?

A vertically-integrated model and a strong regulatory compliance history with focus on R&D are tailwinds for Gland Pharma

November 23, 2020 / 12:46 PM IST
Gland Pharma: Post IPO listing, what should investors do?

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Compared to recent IPOs, the subscription for Gland Pharma was tepid. While overall subscription was 2.06x, retail participation was an abysmal 0.24. Concerns which kept investors aloof from this primary offering were the Chinese company ownership and perceived expensive valuation. While analysing similar players in the contract research and manufacturing space, we believed that the quoted valuation (21x EV/Ebitda FY20) in the primary offer had some scope for re-rating. Also read: Gland Pharma IPO: Much more than a Heparin play; subscribe Peers...

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