Celestial Labs debuts with 25% premium

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Celestial Labs debuts with 25% premium

Celestial Labs, a Hyderabad based company in the bio-informatics and bio-technology sector, has listed with premium of 25% at Rs 75 against its issue price of Rs 60.

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Celestial Labs BSE | NSE 25/05/12 Are Mutual Funds betting on Celestial Labs?

Celestial Labs, a Hyderabad based company in the bio-informatics and bio-technology sector, has listed with premium of 25% at Rs 75 against its issue price of Rs 60 and touched a high of Rs 104.90 with whopping gain of 75%. Lot of buying support held the stock above Rs 70 level in morning trade.

The share was trading at Rs 71, up 18.33%, with volumes of 10,47,107 shares on the NSE, at 10:01 am. The turnover was at Rs 7.48 crore.

On the BSE, the stock inched up 19% to Rs 71.25, with volumes of 10,77,517 shares.

The company had 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.