Shares of Alkem Laboratories were trading at Rs 1,373.15 at 10:30 IST on BSE, a steep premium of 30.77% over the initial public offer price of Rs 1,050 per share.
Meanwhile, the S&P BSE Sensex was up 270.54 points or 1.06% at 25,861.19.
The stock debuted at Rs 1,380 on BSE, a premium of 31.42% compared with its initial public offer (IPO) price. The stock hit a high of Rs 1,401.40 and a low of Rs 1,355.40 so far during the day. On BSE, 10.53 lakh shares were traded in the counter so far during the day.
Alkem Laboratories IPO closed on 10 December 2015. It was subscribed 44.29 times with good response from non-institutional investors and qualified institutional buyers (QIBs). A discount of Rs 100 per equity share to the issue price of Rs 1,050 was offered to eligible employees.
Earlier, Alkem Laboratories had raised Rs 395.46 crore by selling 37.66 lakh shares to a total of 25 anchor investors. The shares were allotted to the anchor investors at Rs 1,050 per share, the top end of the Rs 1,020-Rs 1,050 per share price band for the IPO.
On a consolidated basis, Alkem Laboratories reported profit after tax of Rs 431.29 crore on total sales of Rs 2570.13 crore in the half year ended 30 September 2015.
Alkem Laboratories is the fifth largest pharmaceutical company in India by domestic sales. The developer, manufacturer and seller of pharmaceutical and neutraceutical products including branded generics, generic drugs, active pharmaceutical ingredients (APIs) and nutraceuticals has 14 manufacturing locations in India and two in the US. Five of these plants are approved by the US Food and Drug Administration.
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