Innova Captab shares debut stock market with marginal premium; trades 16 pc higher
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 16.29 per cent to Rs 521.
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NEW DELHI: Shares of integrated pharmaceutical company Innova Captab Ltd made a muted market debut on Friday, listing with a marginal premium of nearly 2 per cent on the BSE, against the issue price of Rs 448.
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 16.29 per cent to Rs 521.
At the NSE, it listed at Rs 452.10, up 0.91 per cent. Shares of the company later climbed 16.07 per cent to Rs 520.
The company's market valuation was Rs 2,880.99 crore during the morning trade.
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.