Shares of drug maker Laurus Lab on Monday got listed at Rs 490 on the BSE, registering a premium of 14.48 per cent over its issue price of Rs 428.
Within minutes of listing, the stock touched an early high of Rs 498, registering a jump of 16.35 per cent over its issue price.
On NSE, the stock got listed at Rs 489.90 and surged to an early high of Rs 498, registering a jump of 16.35 per cent over its issue price. Laurus Lab had risen 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 utilize 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.