Celestial Labs to list at around Rs 65-70: Experts

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Celestial Labs, a Hyderabad based company in the bio-informatics and bio-technology sector, will list on the bourses with 1,11,94,000 shares on July 17, 2007.

Analysts told Moneycontrol.com that the stock is expected to list at around Rs 65-70 levels and advised to book profits.

R S Iyer of KR Choksey says, "Celestial Labs is expected to list at around Rs 65-70. If it crosses Rs 68 mark, investors can book profits. The company may not give returns in short term from the money raised through issue."

Investment Advisor, S P Tulsian says, "Celestial Labs is expected to list at around Rs 70. It is a good investment for long term, so those who wait for long term, can earn good amount of money. Otherwise, investors can book profits."

The issue price fixed at Rs 60 per share. The company has raised Rs 30 crore from its initial public offering (IPO) of 50-lakh equity shares of Rs 10 each at a price of Rs 60 per share.

The company plans to use the issue proceeds for enhancing existing infrastructure for bio informatics, for setting up of infrastructure for manufacturing of enzymes and for related activities.

The company offers enterprise resources, planning solutions, database warehousing and bio services like clinical data management, molecular modelling and design and development of drug molecules.

Chartered Capital and Investment is the book running lead manager to the issue.