Innova Captab Shares Surge 22% on Market Debut
Dec 29, 2023 16:51
Innova Captab Ltd shares closed with a 22% premium on their market debut, exceeding the IPO price of Rs 448. The stock opened at Rs 456.10 on the BSE and reached a high of Rs 547.30.
New Delhi, Dec 29 (PTI) Shares of integrated pharmaceutical company Innova Captab Ltd ended with a premium of nearly 22 per cent against the issue price of Rs 448 after making a muted market debut on Friday.
The stock made its debut at Rs 456.10, recording a gain of 1.80 per cent from the issue price on the BSE. Later, it jumped 22.16 per cent to Rs 547.30. It finally ended at Rs 545.15, rallying 21.68 per cent.
At the NSE, it listed at Rs 452.10, up 0.91 per cent. Shares of the company ended at Rs 542.50, recording a jump of 21 per cent.
The company's market valuation was Rs 3,119.62 crore.
The Initial Public Offer (IPO) of Innova Captab received 55.26 times subscription on the last day of bidding on Tuesday.
The Rs 570-crore initial share sale had a fresh issue of equity shares of up to Rs 320 crore and an offer for sale up to 5,580,357 equity shares.
The price range for the offer was Rs 426-448 a share.
Innova Captab is an integrated pharmaceutical company with presence across pharmaceuticals value chain, including research and development, manufacturing, drug distribution, marketing, and exports.
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