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Jingoism buried, IPO done, stock price up 50%. What next for Gland Pharma?

Its IPO was talk of the town, but investors gave it a miss. Now, the company is having the last laugh

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“They infiltrated our borders; now they have taken our money in broad daylight,” was the outburst from a Hyderabad-based pharma industry veteran, on the IPO of Gland Pharma, which is currently trading 50% above its issue price of Rs.1,500. After the Galwan skirmish, the frostiness in Sino-Indian relations has also cast a shadow on Chinese investments in India. The 60-year-old former executive believes the government should not have let the Chinese-owned Fosun to list the injectables maker. “They already have a backdoor entry in the drugs business and now you have let them take our money as well,” berated the gentleman to Outlook Business. The Rs.65 billion IPO was the biggest in the domestic pharma space after that of Eris Lifesciences in 2017, Laurus Labs in 2016 and Alkem Laboratories in 2015.