Drug-maker Claris Lifesciences made a subdued debut on the Bombay Stock Exchange on Monday, with its shares listing at a discount of 1.57 per cent against their issue price of Rs 228.
Shares of the company opened at Rs 224.40 on BSE, down 1.57 per cent against the issue price.
Meanwhile, the broader gauge Sensex was also down 113.11 points vis-a-vis the previous close at 19,751.74 at 9.48 am.
The Rs 3,000-crore share sale of Claris Lifesciences got a lukewarm response from investors, due to which the company had extended the closing date for the initial public offer (IPO) and lowered the price band to Rs 228-Rs 235 from the earlier band of Rs 278-Rs 293 per share.
Following the conclusion of the IPO, the company had fixed the issue price of shares at Rs 228 apiece, the lower end of the price band.
The Ahmedabad-based company will use the proceeds from the IPO for capacity expansion, as well as to set up a research and development facility and retire debt.
Claris is one of the largest sterile injectables pharmaceutical companies in the country, with a presence in 76 markets worldwide.
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