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    600196   CNE000000X38

SHANGHAI FOSUN PHARMACEUTICAL (GROUP) CO., LTD.

(600196)
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India's Gland Pharma jumps 23% in market debut

11/20/2020 | 03:48am EDT
FILE PHOTO: A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai

BENGALURU (Reuters) - Shares of India's Gland Pharma got off to a flying start in their market debut on Friday, rising as much as 23% and highlighting a strong appetite for drug stocks.

The Hyderabad-based company opened at 1,710 rupees per share, after its stock was priced at 1,500 rupees in India's largest initial public offering by a drugmaker, giving it a market value of 279.21 billion rupees.

Pharma stocks are on a tear this year, with the Nifty Pharma Index up nearly 44%, far outpacing the 5% rise in the benchmark NSE Nifty 50 index.

Growth in the Indian pharmaceutical market bounced back to pre-pandemic levels in October, helped by cardiac, gastroenterology and dermatology markets, Prabhudas Lilladher analysts said in a note on Tuesday.

Established in 1978 and backed by China-based Shanghai Fosun Pharmaceutical Group Co Ltd, Gland Pharma makes injectable generic drugs and sells its products in over 60 countries.

"(Gland) has never received a negative USFDA report. The future prospects are bright as it has 267 ANDA filings of which 215 are approved," said Hemang Jani, equity strategy head, broking and distribution, at Motilal Oswal Financial Services Ltd.

The company offered 43.2 million shares in the IPO, including a fresh issue of 8.3 million shares, the proceeds from which will be used to fund capital expenditure needs. It raised 64.80 billion rupees ($873.79 million).

For the year ended March 31, Gland posted https://www.sebi.gov.in/filings/public-issues/nov-2020/gland-pharma-limited-prospectus_48166.html a profit of 7.73 billion rupees and revenue from operations of 26.33 billion rupees.

Some of Gland's customers include companies such as Novo Nordisk and Viatris, John Christopher, practice head of business intelligence, pharma, at GlobalData told Reuters.

Kotak Mahindra Capital, Citigroup Global Markets India and Nomura Financial Advisory and Securities (India) were among the lead book runners for Gland's IPO.

(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Anil D'Silva)

By Anuron Kumar Mitra


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. -3.20% 71.46 Delayed Quote.15.89%
MOTILAL OSWAL FINANCIAL SERVICES LIMITED 0.69% 818.85 Delayed Quote.35.43%
NIFTY 50 -0.33% 15702.8 Delayed Quote.13.50%
NOMURA CO., LTD. 0.10% 965 End-of-day quote.13.26%
NOVO NORDISK A/S -0.08% 519.1 Delayed Quote.21.67%
SHANGHAI FOSUN PHARMACEUTICAL (GROUP) CO., LTD. -3.49% 61.15 End-of-day quote.13.26%
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Financials
Sales 2021 40 528 M 6 310 M 6 310 M
Net income 2021 4 327 M 674 M 674 M
Net Debt 2021 16 835 M 2 621 M 2 621 M
P/E ratio 2021 36,4x
Yield 2021 0,82%
Capitalization 123 B 19 221 M 19 146 M
EV / Sales 2021 3,45x
EV / Sales 2022 3,18x
Nbr of Employees 32 258
Free-Float 58,8%
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Technical analysis trends SHANGHAI FOSUN PHARMACEUTICAL (GROUP) CO., LTD.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 52,62 CNY
Last Close Price 61,15 CNY
Spread / Highest target 30,8%
Spread / Average Target -13,9%
Spread / Lowest Target -40,8%
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Managers and Directors
NameTitle
Xiao Hui Guan Executive President & Chief Financial Officer
Yu Qing Chen Co-President
Ke Xin Wang Co-President
Dong Ming Li Co-President
Yi Fang Wu Chairman
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