Alkem Laboratories, which came out with an initial public offering (IPO) recently, listed at Rs 1,380, a premium of 31.4% to the issue price of Rs 1,050 per share on the stock exchanges on Wednesday, 23 December.
The fifth largest Indian pharma company had come out with an IPO of 12,853,442 equity shares of face value of Rs 2 per share which was oversubscribed 44 times.
The company priced its IPO at Rs 1,050 per share at the top end of the price band of Rs 1,020-1050, raising Rs 1,350 crore. The offer opened on 8 December and closed on 10 December.
At 11.45 am, the Alkem stock was trading at Rs 1,382, off from its intra-day high of Rs 1,399 on the NSE. Over 66 lakh shares were traded in a span of about three hours.
The 42-year-old company's 2014-15 turnover was Rs 3,783 crore, with 25% revenues derived from exports. The company grew at a compounded annual growth rate of 22.3% between 2010-11 and 2014-15, according to the offer document.
Dr Lal PathLabs, the diagnostic chain, which also got listed on Wednesday, saw its shares listing at 31% premium to its issue price of Rs 550 per share, on the NSE.
The share was trading at Rs 772.70, after touching an intra-day high of Rs 783.45 and low of Rs 711 on the NSE. The volume was even higher at 1.01 crore shares on the counter till 11.45 am.
Dr Lal PathLabs had raised Rs 638 crore from the public and the issue was oversubscribed 33 times.
Earlier, two high-profile IPOs had seen contrasting debut on the bourses; while Interglobe Aviation, the parent company of air carrier IndiGo listed at Rs 856, a premium of about 12% to its issue price of Rs 765 per share, Coffee Day Enterprises was a disaster, with the shares listing at Rs 313, discount of about 4.5% to the issue price of Rs 328 per share.
But the shares plunged intra-day and closed at Rs 270, a discount of about 17% to the issue price.
The holding company of Coffee Day outlets had raised Rs 1,150 crore from the public.
The Sensex was trading at 25,846, a gain of 256 points, or 1% at 12.15 pm. The gainers were GAIL (India), BHEL, Sun Pharma and Tata Steel.
