Shares of India’s biggest diagnostic chain Dr Lal PathLabs listed with a strong premium of almost 31% over the issue price of Rs 550 on Tuesday.
On BSE, Dr Lal’s stock opened at Rs 717, up 30.36% as against the issue price. Within minutes of trade, it touched a high of Rs 747 and a low of Rs 715.50. The stock listed at Rs 720, a steep gain of 30.9% on NSE.
The company commands a market valuation of Rs 6,142.16 crore. Dr Lal’s IPO was a big success with 33.41 times over-subscription.
In the IPO, the qualified institutional buyers (QIBs) part was subscribed 63.56 times and non-institutional investors saw 61.28 times subscription. The retail investors category was subscribed 4.24 times.
Prior to Dr Lal’s IPO, Alkem, S H Kelkar, VRL Logistics, Power Mech Projects and Syngene International have seen strong response in terms of subscription so far this year.
The price band was fixed at Rs 540-550 per share for the Rs 638-crore IPO. It also raised over Rs 191 crore from anchor investors by selling shares at Rs 550 apiece.