Glenmark Life IPO: Massive retail rush oversubscribed on Day 1, what's the buzz?

Retail investors are rushing towards the Rs 1,500-crore-worth Glenmark Life IPO which was full subscribed within hours of opening . So what is enthusing traders and investors in this pharma play Here is what you need to know about the Glemark Life-:

1. Growth Trigger: The company is expected to be supplying the API for Covid drug Favipiravir for Glenmark.
2. Promising Portfolio: With a strong showcase of 120 molecules globally. 16 of the 20 largest generic companies globally were its customers.
3. Areas of Expertise: The future growth of its 120 molecules products is expected to remain stable driven by the increasing prevalence of non-communicable diseases like heart disease, stroke, cancer, diabetes and chronic lung disease.
4. Expansion: Plans to increase its API manufacturing capabilities.
5. Next Phase: Expanding into Complex APIs such as oncology, iron replacement, peptides.

Glenmark Life is also trading at a discount vs peers such as Divis Lab. The company will also be debt free post IPO and currently faces no regulatory issues on any of it's plants.