Sudeep Pharma Shares Surge on Market Debut

New Delhi, Nov 28 (PTI) Shares of Sudeep Pharma Ltd on Friday listed with a premium of nearly 24 per cent against the issue price of Rs 593.

The stock started trading at Rs 733.95, up 23.76 per cent from the issue price on the BSE. Later, it jumped 31 per cent to Rs 777.

At the NSE, the stock made its market debut at Rs 730, registering a jump of 23.10 per cent.

The company's market valuation stood at Rs 8,567.72 crore.

The initial public offer of Sudeep Pharma Ltd received 93.71 times subscription on the final day of share sale on Tuesday.

The Rs 895-crore IPO had a price band of Rs 563-593 per share.

The initial public offering (IPO) was a combination of fresh issue of equity shares worth Rs 95 crore and an offer-for-sale of nearly 1.35 crore equity shares, aggregating to Rs 800 crore, by the promoters.

Proceeds from the fresh issue to the tune of Rs 75.81 crore will be used for capital expenditure toward the procurement of machinery for its production line located at the Nandesari Facility 1, Gujarat, and for general corporate purposes.

Sudeep Pharma is a technology-led manufacturer of excipients and speciality ingredients for the pharmaceutical, food, and nutrition industries, dedicated to contributing to the global healthcare ecosystem.