Supriya Lifescience shares made a strong debut on Dalal Street on Tuesday. The stock of the Mumbai-based API manufacturer opened at Rs 425 apiece, a premium of 55.1 percent over the issue price of Rs 274, on the BSE. On the NSE, the shares began their journey at Rs 421 apiece, a premium of 53.7 percent.
With that, Supriya Lifescience emerged as one of the strongest listings of the recent times.
Grey market is an unofficial market of unlisted securities.
"We like Supriya Lifescience for its niche product portfolio, backward integrated business model and robust financials. It is well placed to tap the opportunity in the pharma API market given its strong pipeline focused on further diversification," said Sneha Poddar, AVP-Retail Research at Motilal Oswal Financial Services.
“Supriya Lifescience has a niche product portfolio of 38 APIs with focus primarily on diverse therapeutic areas. It has consistently been India’s largest exporter of certain niche products with a well-balanced presence between regulated and semi/non-regulated markets," she added.
Supriya Lifescience's market debut comes at a time when most IPOs have received a robust response from investors, though the recent sell-off has dented the appeal of few debutants.
Supriya Lifescience's IPO, which was open for bidding from December 16 to December 20, was subscribed 71.5 times the shares on offer. Shares
were available for bidding in a price band of Rs 265-274 in multiples of 54 under the IPO.
First Published: Dec 28, 2021 10:01 AM IST