BENGALURU (Reuters) – Shares of Indian pharmaceutical company Valiant Laboratories rose 15.8% in their trading debut on Friday, valuing the company at 5.28 billion rupees ($63.5 million).
The initial public offering of the Mumbai-based maker of paracetamol tablets was oversubscribed 29.8 times, with retail investors bidding 16 times and high net-worth investors 73.6 times.
The offering had fresh issue of shares worth 1.62 billion rupees ($19.5 million) at the top end of the 133-140 rupees price range.
Valiant is involved in the business of manufacturing active pharmaceutical ingredients (API) for pain killer drug Paracetamol.
Valiant competes with larger rivals such as Granules and Glenmark Life Sciences in the API market.
Earlier this week, Indian commercial port operator JSW Infrastructure’s listing saw a bumper opening with shares surging more than 32%.
($1 = 83.2025 Indian rupees)
(Reporting by Sethuraman NR and Kashish Tandon in Bengaluru; Editing by Sohini Goswami)
