Laurus Labs on Monday made a splendid debut on the stock exchanges to list at Rs 490 on the BSE and NSE with a premium of over 14% against its issue price of Rs 428.
The stock surged as much as Rs 498, up 16.35% on the BSE and NSE, and settled the day 12% higher at Rs 480.50 against its issue price.
The stock, however, lost 2% on the BSE against its opening price of Rs 490.
The drugmaker raised about Rs 1,332 crore through its initial public offer, which opened to public subscription on December 6-8, and was subscribed 4.54 times at a price band of Rs 426-428 per share.
The portion set aside for qualified institutional buyers (QIBs) was subscribed 10.54 times while the HNI quota received 3.58 times of subscription.
The quota for retail investors was subscribed 1.67 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.
Kotak Mahindra Capital Company, Citigroup Global Markets
India, Jefferies India and SBI Capital Markets
are managing the offer.