Shares of drugmaker Laurus Labs today made a strong debut on the bourses and surged 12.26 per cent over its issue price of Rs 428.
Earlier in the day, the stock was listed at Rs 490 with a premium of nearly 14.48 per cent over its issue price of Rs 428 on BSE. The shares of the company finally ended the day at Rs 480.50, up 12.26 per cent over its issue price.
On the NSE, the stock got listed at Rs 489.90 and then hit a high of Rs 498, registering a jump of 16.35 per cent over its issue price. It finally ended the day at Rs 480, up 12.14 per cent over its issue price.
The company commands a market valuation of Rs 5,081.59 crore.
Laurus Lab had raised about Rs 1,332 crore through its initial public offer. The IPO was subscribed 4.54 times.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 10.54 times, while the HNI quota received 3.58 times subscription. The quota for retail investors was subscribed 1.61 times.
The IPO comprised a little over 2.41 crore shares under the offer for sale route and a fresh issue worth up to Rs 300 crore.
The Hyderabad-based firm plans to utilise the net proceeds from the fresh issue towards pre-payment of loans and general corporate purposes.
The surge in the counter assumes significance as the broader market was trading in the negative territory. The 30-share benchmark index Sensex settled for the day at 26,374.70, down 114.86 points.
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