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Shares of Laurus Labs , the Hyderabad-based healthcare company, started off day with premium of 14.5 percent at Rs 489.90 against issue price of Rs 428 on the National Stock Exchange.
The stock touched a high of Rs 498 (up 16.35 percent over issue price) and low of Rs 475 (up 11 percent) in early trade. The pharma company has raised Rs 1,332-crore through initial public offering that was opened during December 6-8, 2016.
The issue was oversubscribed 4.57 times on the huge support from qualified institutional buyers (QIBs).
The issue offered over 2.41 crore shares under offer for sale route and fresh issue worth up to Rs 300 crore.
Laurus Labs will utilise fresh issue proceeds for pre-payment of loans and general corporate purposes.