Shares of Gland Pharma on Friday made a sizzling debut on the bourses, rising 23 per cent over its issue price during intra-day trade.

Though the counter gave up some of its gains, it still ended strong with an over 7 per cent rise.

On the BSE, the shares opened at Rs 1,701 apiece, a gain of over 13 per cent compared with the issue price of Rs 1,500.

The stock touched an intra-day high of Rs 1,850 and ended the day at Rs 1,820.45 — a rise of 7.02 per cent over the opening price.

Similar trends were witnessed on the NSE where the scrip listed at Rs 1,710 and touched an intra-day high of Rs 1,850.

The opening price was 14 per cent higher than the issue price. It closed at Rs 1,828. Compared to the issue price, the scrip ended the day with a gain of more than 21 per cent on both the bourses.

The price band for the initial public offer (IPO), which closed earlier this month, was fixed at Rs 1,490-1,500 per share. The company’s promoters are Fosun Singapore and Shanghai Fosun Pharma. Gland Pharma now has a market cap of Rs 29,724.82 crore, which places it among the top ten pharma stocks.

The offer comprised issuance of fresh shares worth up to Rs 1,250 crore and an offer for sale (OFS) of up to 3,48,63,635 shares.

OFS consisted of sale of up to 1,93,68,686 shares by Fosun Pharma Industrial Pte Ltd, 1,00,47,435 shares by Gland Celsus Bio Chemicals, 35,73,014 shares by Empower Discretionary Trust and 18,74,500 shares by Nilay Discretionary Trust.

Ahead of the IPO, various brokerages had recommended investors to subscribe to the offering given its strong pipeline in the injectables segment.

Gland Pharma had raised Rs 1,944 crore from anchor investors by selling shares at Rs 1,500 apiece.

The government of Singapore, Nomura, Goldman Sachs, Morgan Stanley, SBI Mutual Fund, Axis Mutual Fund, SBI Life Insurance Company and Fidelity were among the anchor investors.