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Laurus Labs debuts at Rs 490 on BSE, 14.5% premium to issue price

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Laurus Labs

New Delhi: Laurus Labs on Monday made a strong debut on BSE, as the scrip got listed at Rs 490, a 14.49 per cent premium to issue price of Rs 428 apiece. On NSE, the scrip got listed at Rs 489.90, up 14.46 per cent over the issue price.

The drugmaker sold its Rs 1,332 crore initial public offering (IPO) between December 6 and December 8, which was subscribed 4.52 times. The issue had received bids for 10.02 crore shares against 2.19 crore shares on the block.

The company had fixed a price band of Rs 426-428 per equity share of face value of Rs 10 each and the portion kept aside for qualified institutional buyers (QIBs) got subscribed 10.54 times. The quotas for HNIs (3.58 times) and retail investors (1.67 times) too got fully subscribed.

At the issue price, the stock was valued at 32 times FY16 PE and 30 times H1FY17, which was at a 20-25 per cent premium to the drugmarkers’ peers in the active pharmaceutical ingredient (API) segment

 

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