Advanced Enzyme shares got a blockbuster debut on bourses on Monday as they listed at a premium of 35 per cent at Rs 1,210 against the issue price of Rs 896. The initial public offer of the company had recevied an overwhelming response from investors as the public offer was subscribed 117 times. The issue was open for subscription from July 20-22.
Later, the share price of the company settled higher by 31 per cent at Rs 1178.30 on BSE. On NSE, the scrip closed at Rs 1,172.
After listing, Astha Jain, senior research analyst, Hem Securities said, “Advanced Enzymes looks strong even after gain of over 30 per cent on day of listing. However, investors with short term horizon should partially book profits at current level and should keep remaining holding for long term perspective. The fair value which we would like to ascribe is anywhere between Rs 1250-1300 to stock in medium term to long term perspective.”
Chandan Taparia, analyst, Anand Rathi Financial Services said, “Investors can book profit after the rally on debut. One can buy Advanced Enzyme shares again at the level of Rs 1,000.” G Chokkalingam, founder, Equinomics Research & Advisory seconds Taparia and said, “One should book profit in Advanced Enzyme at present valuations.”
WATCH: Dilip Buildcon IPO opens, Advanced Enzyme stellar debut at BSE
The company is the largest domestic enzyme company, engaged in the manufacturing, research and development and marketing of over 400 proprietary products developed from 60 indigenous enzymes.