Alkem Lab shares make dream debut; end nearly 32% higher

Shares of drug maker Alkem Laboratories made a dream debut at the bourses today, ending the day with a sharp gain of nearly 32 per cent over the issue price of Rs 1,050.
The stock which listed at Rs 1,380, reflecting a sharp gain of 31.42 per cent over the issue price, on BSE, finally ended at Rs 1,381.45, up 31.56 per cent. Intra-day, it surged 34.28 per cent to Rs 1,410.
On NSE, the stock soared 31.59 per cent to end at Rs 1,381.70.
The company commands a market valuation of Rs 16,517.31 crore.
Alkem's listing coincided with another healthcare firm Dr Lal PathLabs which also received grand welcome from market investors.

Alkem has raised about Rs 1,350 crore at an issue price of Rs 1,050 per share from its recently-concluded IPO, which had got robust investor response with over-subscription of 44.29 times.

The qualified institutional buyers (QIBs) category was subscribed 57.19 times and retail investors bid 3.17 times.
The non-institutional investors portion was subscribed a whopping 129.96 times.
The price band for the company's IPO was fixed at Rs 1,020-1,050.
Prior to Alkem's IPO, Dr Lal PathLabs, S H Kelkar, VRL Logistics, Power Mech Projects and Syngene International received strong response in terms of subscription so far this year.
This year has seen hectic fund raising activities in the IPO segment despite a flat market. Generally, an IPO boom follows a robust equity market.

In the broader market, the Sensex ended at 25,850.30, up 259.65 points.