Laurus Labs set for stock trading debut today


New Delhi: Drugmaker Laurus Labs, which raised about Rs1,332 crore through its initial public offer (IPO), is all set to make a debut on the stock exchanges Monday.

The IPO, which opened to public subscription on 6-8 December, was subscribed 4.54 times at a price band of Rs426-428 per share. The portion set aside for qualified institutional buyers (QIBs) was subscribed 10.54 times while the HNI quota received 3.58 times of subscription. The quota for retail investors was subscribed 1.61 times. “…effective Monday, December 19, 2016, the shares of Laurus Labs Limited shall be listed and admitted to dealings on the exchange on the list of ‘B’ Group of securities,” BSE said in a circular.

Separately, NSE said shares of Laurus Labs will list on the stock exchange from 19 December. Also, the company has set an issue price of Rs428. The IPO comprised a little over 2.41 crore shares under the offer for sale route and a fresh issue worth up to Rs300 crore.

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The Hyderabad-based firm plans to utilise the net proceeds from the fresh issue towards pre-payment of loans and general corporate purposes.

Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies India and SBI Capital Markets are managing the offer.