Alkem Laboratories makes stellar debut, stock surges over 31%

Shares of drug maker Alkem Laboratories made a dream debut at the bourses on Wednesday, surging over 31 per cent over the issue price of Rs 1,050.

The stock listed at Rs 1,380, a sharp gain of 31.42 per cent over the issue price, on BSE. It touched a high of Rs 1,410 and a low of Rs 1,355.40 and settled at Rs 1381.45, up 0.11 per cent.

On NSE, the stock debuted at Rs 1,380, surging 31.42 per cent compared with the issue price.

The company commands a market valuation of Rs 16,486.22 crore.

Alkem has raised about Rs 1,350 crore at an issue price of Rs 1,050 per share from its recently-concluded IPO, which had got robust investor response with over-subscription of 44.29 times.

The qualified institutional buyers (QIBs) category was subscribed 57.19 times and retail investors bid 3.17 times.

The non-institutional investors portion was subscribed a whopping 129.96 times.

The price band for the company's IPO was fixed at Rs 1,020-1,050.

Prior to Alkem's IPO, Dr Lal PathLabs, S H Kelkar, VRL Logistics, Power Mech Projects and Syngene International received strong response in terms of subscription so far this year.