Alkem Lab makes stellar debut, stock surges over 31%

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

The stock listed at Rs 1,380, a sharp gain of 31.42 percent over the issue price, on BSE. It touched a high of Rs 1,401.40 and a low of Rs 1,355.40 in the early trade.

On NSE, the stock debuted at Rs 1,380, surging 31.42 percent 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.