Valiant Labs shares deliver a decent listing pop; shares list at 16% premium over IPO price

Shares of Valiant Laboratories made a strong debut at Dalal Street on Friday as the API manufacturer got listed at Rs 162.15, a premium of 16 per cent over its issue price of Rs 140 on the National Stock Exchange (NSE). Similarly, the stock debuted at a premium of 15 per cent at Rs 161 on BSE.

Ahead of its listing, shares of Valiant Organics were commanding a premium Rs 20 per equity share in the grey market, suggesting a listing pop of around 15 per cent over the issue. The listing has been on similar lines. However, the premium in the official market was hovering around Rs 25 apiece when the issue closed for bidding.

Drug maker Valiant Laboratories had sold its shares in the price band of Rs 133-140 apiece with a lot size of 105 equity shares and its multiples. The block of Rs 156.46 crore is entirely a sale of 1,08,90,000 fresh equity shares. The IPO was open for bidding between September 27 to October 3.

The issue of Valiant Laboratories was overall subscribed 29.76 times. The quote for non-institutional investors (NIIs) was booked 73.64, while the qualified institutional bidders (QIBs) bid 20.83 times for their allocations. Retail investors' portion was subscribed 16.06 times during the three-day bidding process.

Valiant Laboratories is a pharmaceutical ingredient manufacturing company based in Gujarat, India. It majorly focuses on manufacturing Paracetamol. The company has its manufacturing unit located in Palghar, Maharashtra. It has a total installed capacity of 9,000 MT per annum. It also has an R&D Facility, with a laboratory infrastructure.

Valiant Laboratories, which was incorporated in 1980, imports the raw material for the manufacture of Paracetamol, that is, para–amino phenol from China and Cambodia. Unistone Capital was the sole manager for the issue, while Link Intime India was appointed as the registrar to the IPO.

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