Sudeep Pharma shares settled over 30 percent higher from its initial public offer (IPO) price on the debut day at Rs 771.85 per share on the National Stock Exchange (NSE) on Friday. The stock finished the first day trade 5.73 percent higher from its issue price.
The shares of the company made a strong stock market debut to list at over 23 percent premium over its IPO price. The Rs 895-crore IPO had received a bumper subscription of 93.71 times between November 21-25 in the primary market.
Shares of Sudeep Pharma Ltd were listed at Rs 730 per share on the National Stock Exchange (NSE), a decent premium of 23.10 percent. The price band for the offering was fixed at Rs 563-593 per equity share.
On the BSE, the shares of the company were listed at Rs 725 apiece, a premium of 22.26 percent. The company's total market capitalization post listing of shares stood at Rs 8,188.78-crore.
Sudeep Pharma share market debut was better than the expectations in the grey market, which had expected a premum listing of 20 percent. Earlier, it mobilised Rs 268.5 crore from anchor investors.
Proceeds from the fresh issue to the tune of Rs 75.81 crore will be used for capital expenditure toward the procurement of machinery for its production line located at the Nandesari Facility 1, Gujarat, and for general corporate purposes.
Sudeep Pharma is a technology-led manufacturer of excipients and speciality ingredients for the pharmaceutical, food, and nutrition industries, dedicated to contributing to the global healthcare ecosystem.
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