Alkem Laboratories surges 32% on debut

The stock ended 32% higher at Rs 1,382 after hitting a high of Rs 1,414 on the NSE

Alkem Laboratories which made its debut on the bourses today ended 32% higher at Rs 1,382 compared to its issue price of Rs 1,050 per share on the National Stock Exchange.

Earlier, the stock made its debut at Rs 1,380, a 31% premium against its issue price of Rs 1,050 per share, on the National Stock Exchange (NSE). 

Post listing, the stock hit a high of Rs 1,414 and low of Rs 1,356 intra-day.

Over 13.38 million shares changed hands in the counter on the NSE and BSE.

The country’s fifth largest pharmaceutical company by market share raised Rs 1,350 crore through initial public offer (IPO), which was subscribed by 30.87 times.

Alkem Laboratories’ 12.9 million share offer was subscribed 57 times in the qualified institutional buyer (QIB) category, 125 times in the high net worth individual (HNI) segment and nearly three times in the retail portion.

The company has not received any funds from the offer. The main purpose of issue is to achieve the benefits of listing the equity shares on the stock exchanges and for the sale of equity shares by the selling shareholders.

Alkem Laboratories is engaged in the development, manufacture, and sale of pharmaceutical and neutraceutical products. Alkem has a total of 16 manufacturing facilities out of which 14 manufacturing facilities at 5 locations locate in India and 2 in the United States (US).