Laurus Labs shines on debut

Shares of Laurus Labs settle at Rs 480.50 on BSE, a premium of 12.27% over the initial public offer price of Rs 428.

The stock debuted at Rs 490, a premium of 14.49% to the initial public offer (IPO) price. The stock hit a high of Rs 498 and low of Rs 475 in intraday trade. On BSE, 39.52 lakh shares were traded on the counter.

The initial public offer (IPO) of Laurus Labs opened on 6 December and closed on 8 December 2016. The issue received bids for 10.01 crore shares compared with 2.19 crore shares on offer. The IPO was subscribed 4.57 times.

The IPO comprised of fresh issue of Rs 300 crore and the offer for sale of 2.41 crore shares by the selling shareholders. The qualified institutional buyers (QIBs) category was subscribed 10.54 times. The non-institutional investors' category was subscribed 3.58 times. The retail investors category was subscribed 1.67 times.

For the six months ended 30 September 2016, Laurus Labs reported consolidated net profit of Rs 75.10 crore on total revenue of Rs 941.78 crore.

Laurus Labs is a leading research and development (R&D) driven pharmaceutical company, with a leadership position in generic active pharmaceutical ingredients (APIs) for select, high-growth therapeutic areas of antiretrovirals (ARVs) and Hepatitis C. The company also manufactures APIs in oncology and other therapeutic areas. The company operates in four business lines: generics-APIs, generics-FDFs, synthesis and ingredients.

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