Laurus Labs jumps over 16% on market debut
The stock opened at Rs 489.90 on the National Stock Exchange and rose to a high of Rs 498, compared with the Initial Public Offering (IPO)issue price of Rs 428 .
Generic drugmaker Laurus Labs Ltd's shares rose as much as 16.36% on their market debut on Monday after the company's initial public offering raised Rs 1307.9 crore.
The stock opened at Rs 489.90 on the National Stock Exchange (NSE) and rose to a high of Rs 498, compared with the Initial Public Offering (IPO) issue price of Rs 428.
Laurus Labs is a Hyderabad-based pharmaceutical company with genetic active ingredients (APIs) for select, high-growth therapeutic areas of antiretrovirals (ARVs) and Hepatitis C. The company was established in 2005, and so far, it has launched around 59 products.
Laurus Labs opened its IPO offer on December 6-7, and has a equity share price of Rs 426-428.
On the BSE, the company's shares were trading at Rs 482.50 intraday.