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China's Fosun-owned pharma jumps 21% in India market debut

Gland Pharma goes public amid prolonged border tensions between two countries

Founded in Hyderabad, India, in 1978, Gland Pharma was bought by Fosun in 2017 and has since grown rapidly (company website screenshot).

MUMBAI/SHANGHAI -- Shanghai Fosun Pharmaceutical's Indian arm Gland Pharma debuted on the Indian stock exchange on Friday at a list price up 14% on its IPO price, as institutional investors gave the thumbs up to the injectable maker's long term business potential despite overhang from tense Indo-Chinese relations.

The maiden share sale, through which the company raised 64.79 billion rupees ($874 million), became the biggest ever by a pharma company in India. The Hyderabad-based company's initial public offering was subscribed 2.06 times, with qualified institutional buyers picking up the shares 6.4 times over the offer.

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