Sai Parenteral Shares List at Premium Despite Weak Market Sentiment
New Delhi, April 2: Shares of Sai Parenteral, a diversified pharmaceutical formulation company, made a positive stock market debut on Thursday, listing at a premium of over 3 percent compared to its issue price, even as broader markets remained under pressure.Stock Lists Above Issue Price on BSE and NSE
The stock opened at Rs 405 on the BSE, reflecting a gain of 3.32 percent over its issue price of Rs 392. On the NSE, shares debuted at Rs 400, marking a 2.04 percent increase.Following the listing, the company’s market valuation stood at Rs 1,784.84 crore on the NSE.
Listing Amid Broad Market Weakness
Sai Parenteral’s listing comes at a time when domestic equity benchmarks were trading in negative territory. The BSE Sensex declined by 1,475.17 points or 2.02 percent to 71,659.15, while the NSE Nifty fell 461.25 points or 2.03 percent to 22,218.15 during the session.IPO Sees Modest Subscription
The company’s Initial Public Offering (IPO) witnessed a subscription of 1.05 times on the final day of bidding, supported primarily by institutional investors.The IPO comprised a fresh issue of shares worth Rs 285 crore along with an offer-for-sale of nearly 31.57 lakh equity shares. The price band was set at Rs 372 to Rs 392 per share.
Funds to Support Expansion Plans
Sai Parenteral plans to utilise the proceeds from the IPO to strengthen its business operations. The company aims to expand its global formulations segment and enhance its contract development and manufacturing organisation capabilities, focusing on both injectable products and oral solid dosage formulations.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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