New Delhi, April 2 Shares of Sai Parenteral, a diversified pharmaceutical formulation company, closed on Thursday with a premium of nearly 4 per cent against the issue price of Rs 392.
The stock made its market debut at Rs 405, up 3.32 per cent from the issue price on the BSE. During the day, it rose 6.17 per cent to hit an intra-day high of Rs 416.20. Later, it ended at Rs 406.40, up 3.67 per cent on the exchange.
On the NSE, shares of Sai Parenteral started trading at Rs 400, up 2.04 per cent. In the intra-day session, it appreciated 6.12 per cent to hit a high of Rs 416. Finally, it settled at Rs 405 apiece, up 3.32 per cent on the exchange.
At the end of the session, the company's market valuation stood at Rs 1,795.44 crore on the BSE, and Rs 1,789.26 crore on the NSE.
In terms of volume, 42.71 lakh equity shares of Sai Parenteral were traded on the NSE, while 5.48 lakh shares exchanged hands on the BSE during the day.
The 30-share BSE Sensex climbed 185.23 points, or 0.25 per cent, to settle at 73,319.55, while the 50-share NSE Nifty gained 33.70 points, or 0.15 per cent to close at 22,713.10.
The initial public offering (IPO) of Sai Parenteral received 1.05 times subscription on the closing day of bidding on Friday, helped by institutional investors.
The IPO has a fresh issue of up to Rs 285 crore and an offer for sale of up to nearly 31.57 lakh equity shares. The price band has been fixed at Rs 372-392 per share.
Proceeds from the IPO will support the firm's expansion, particularly in strengthening its global formulations business and expanding its contract development and manufacturing organisation capabilities across both injectable products and oral solid dosage formulations.