Himachal Pradesh-based pharmaceutical finished dosage formulation manufacturing company Innova Captab shares closed near day's high with nearly 21 percent gains on the listing day, i.e. December 29 despite market weakness. This was the last listing in the mainboard segment for the current calendar year.
The stock started off the day on a muted note at Rs 452.10, which was also its day's low, but remained above its issue price of Rs 448 throughout session. After initial volatility, the stock gained major strength and hit a 20 percent upper circuit in late morning deals. It stuck at 20 percent gains at Rs 542.50 as the day progressed.
Towards the end, there was small profit booking in Innova Captab and as a result, it ended with 19.75 percent gains at Rs 541.40 compared to the opening price, while compared to issue price, the gains were 20.85 percent on the NSE with volume of 1.5 crore shares.
On the BSE, the stock settled at Rs 545.15, up 21.69 percent, with volume of 29.37 lakh shares.
The listing was far lower than analysts' expectations and the grey market premium. The expected listing premium was around 25 percent over the issue price.
Also read: Innova Captab gains 21% over IPO price after muted listing: Should you buy, sell, or hold it?
The contract development and manufacturing organisation (CDMO), catering to the pharmaceutical industry, has raised Rs 570 crore via public issue. The price band for the offer was Rs 426-448 per share.
The Manoj Kumar Lohariwala and Vinay Kumar Lohariwala-promoted company earns the maximum business from the CDMO segment, besides focussing on domestic and international branded generics businesses. Its CDMO product portfolio spans across both acute and chronic therapeutic areas.
It has developed relationships with several Indian pharmaceutical companies including Cipla, Glenmark Pharma, Wockhardt, Emcure Pharmaceuticals, Intas Pharma, Medley Pharma, Indoco Remedies, JB Chemicals, Zuventus Healthcare, Ajanta Pharma, and Mankind Pharma.
Also read: 2023 IPO Recap: Top Misses And Hits; Will 2024 Be Any Different?
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