Day 2 of Gland pharma IPO, retail subscription only 15% so far
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Not sure if it is china sentiment or high price, but retailers seem to play safe this time
Many factor Man.i sir... High price... pharma index already seen a big rally... FV 1 rupee so already 10 times costly compared to peers... no gmp since price revealed... PE higher than industry PE (no specifics on peers because RHP says that it has no listed peers in generic injectables business)... add to it the performance of last few ipos like esfb, uti, angel, mazagon... naam bhi theek nahi hai...
... regarding China sentiment - Xiaomi emerged as the leading phone seller in all the pre-festival sales (offline and online, and despite Micromax emotional advt)... so if China is the thorny concern, then we can declare traders/investors as the third biggest patriots after soldier and politicians...
lekin bhagwaan maalik hai, anything can happen... revenue growing at close to 30%, profit at 40% cagr... business will keep booming (sab insulin injection le ke diwali ke laddu kha rahe hai)... it has huge cash reserves... only 15-16% is fresh issue, so they don't need money, it's just profit booking sort of... I will look at it post listing if there is a drop...