Sudeep Pharma Ltd. listed at a premium over its IPO price today, underscoring the demand for new stocks in the world’s fourth largest stock market.
Sudeep Pharma’s share price rose as much as 32.20% over the IPO price to ₹784.00, after listing at a premium of 23.10%, even as the benchmark Sensex traded 0.25% higher. That gave the company a market capitalisation in excess of ₹8,500 crore.
Earlier, the Sudeep Pharma IPO was subscribed 93.71 times over the issue size of ₹800 crore. On offer in the IPO were new shares worth ₹95 crore and an offer-for-sale of nearly 1.35 crore by existing investors. The price band was set at ₹563-593 per share.
The IPO proceeds are earmarked for capital expenditure—new machinery for its production line in Gujarat— and for general corporate purposes.
Sudeep Pharma is a technology-led manufacturer of excipients and speciality ingredients for the pharmaceutical, food, and nutrition industries.