Ambey Laboratories shares closed 30% higher on their NSE SME debut, reaching Rs 89.25. The IPO was oversubscribed 173 times, raising Rs 44.68 crore.
New Delhi, Jul 11 (PTI) Shares of Ambey Laboratories on Thursday made a remarkable debut closing with a premium of 30 per cent on the NSE SME, against the issue price of Rs 68.
The stock of the conglomerate was listed at Rs 85, reflecting gains of 25 per cent from the issue price. Later, the stock settled at Rs 89.25 apiece, up by 5 per cent -- its upper circuit limit -- on the exchange.
At the market close, the company's market valuation stood at Rs 222.65 crore.
In volume terms, 22.30 lakh shares of the company were traded on the bourse, during the day.
On Monday, the initial public offering (IPO) of Ambey Laboratories received more than 173.18 times subscription on the final day of the offer amid encouraging participation from institutional investors.
The Rs 44.68 crore IPO is a combination of a fresh issue of 62.58 lakh shares aggregating to Rs 42.55 crore and an offer for sale of 3.12 lakh shares aggregating to Rs 2.12 crore.
The price band for the public issue was Rs 65-68 per share.
The net proceeds from the issue will be used by the company to meet the working capital requirements of the business, while the remaining capital will be used for general corporate purposes.
Incorporated in 1985, Ambey Laboratories manufactures agrochemical products for crop protection at its manufacturing facility in Rajasthan.
The company is promoted by Archit Gupta, Arpit Gupta, Sarina Gupta, and Rishita Gupta.
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