Claris IPO subscribed 1.5 times on final day

Drug-maker Claris Lifesciences' initial public offer (IPO) was subscribed 1.50 times on the final day of issue today, thereby generating Rs 379 crore from the investors.

The IPO received bids for 1.61 crore shares against 1.07 crore equities on offer, as per the data available on the National Stock Exchange website till 1700 hrs.

Initially, the company's share sale programme had got a lukewarm response from investors due to which it had extended the IPO's closing date till today from earlier date of November 26 and had lowered the price band to Rs 228-235.

The Rs 300-crore issue had opened on November 24 and earlier had a price band of Rs 278-293 per share.

Analysts said that IPO got good reception from the market due to strong FII buying amid handsome recovery at the Dalal Street.

Proceeds from the IPO will be used for capacity expansion, as well as to set up a research and development facility and to retire debt, a company official had said earlier.

The Ahmedabad-based company has appointed Enam Securities, Edelweiss Capital, JM Financial Consultants and ICICI Securities as the book running lead managers to the issue.

Claris Lifesciences is one of the largest sterile injectables pharmaceutical companies in the country, with a presence in 76 markets worldwide.