Claris scrip falls over 9% on debut

Shares of Claris Lifesciences, which debuted on the Bombay Stock Exchange (BSE) on Monday, fell 9.71 per cent to Rs 205.85 compared to the issue price of Rs 228. Almost 15.4 million shares of the company were traded on BSE on the first day.

Arjun Handa, managing director and CEO, said the Rs 300 crore raised through its initial public offer (IPO) would be utilised for increasing its manufacturing capacity and other expansion plans.

The leading sterile injectables pharmaceutical company had fixed a price band of Rs 278-293 for its public offer. However, since the company received a lukewarm response, it had extended the closing date of the IPO and also lowered its price-band to Rs 228-Rs 235.

The company plans to set up a new plant comprising a small volume parenterals line, a PVC bag line, a non-PVC bag line and a fat emulsion line. “We would be setting up a new manufacturing line for propofol and other fat emulsion products at our existing plant, Clarion IV and also construct a facility for research and development at our Clarion manufacturing facilities,” Handa said.

Zee Learn stock tanks on NSE debut
The recently hived-off education arm of the Essel Group, Zee Learn, made a smart debut at Rs 101 on the National Stock Exchange on Monday, but plummeted to Rs 22 within the first few minutes of trading.

Nevertheless, the company remains upbeat on its expansion plans and the business prospects in the burgeoning sector.

“We are committed to improving the human capital of the country through innovative teaching-learning methods. The proceeds from the capital market will be used for aggressive expansion plans towards the school solution vertical,” said Zee Learn CEO Sumeet Mehta.