Emcure Pharma debuts with 31%gain
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New Delhi: Shares of Emcure Pharmaceuticals Ltd on Wednesday listed with a premium of over 31 per cent against the issue price of Rs 1,008.The stock started the trade at Rs 1,325.05, up 31.45 per cent on both BSE and NSE. Later, the company’s stock zoomed 37.30 per cent to Rs 1,384 on BSE and 37.40 per cent to Rs 1,385 on NSE.
The company’s market valuation stood at Rs 25,546.24 crore. The initial public offering (IPO) of Bain Capital-backed Emcure Pharmaceuticals received 67.87 times subscription on the final day of the offer on Friday amid encouraging participation from institutional buyers. The initial share sale had a price band of Rs 960-1,008 per share.
The IPO had a fresh issuance of equity shares worth Rs 800 crore and an offer of sale (OFS) of 1.14 crore shares worth Rs 1,152 crore at the upper end of the price band by promoters and existing shareholders. This aggregated the total issue size to Rs 1,952 crore. The Pune-based company is engaged in developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
