Drug maker Alkem Laboratories and diagnostic chain Dr Lal PathLabs made a strong debut on the bourses on Wednesday with the shares of both the companies jumping over 30 per cent on listing.
Alkem Laboratories shares opened 31.42 per cent up from its issue price of Rs 1,050 on BSE. Dr Lal Pathlabs opened 30.36 per cent up from its issue price of Rs 550.
Later, share price of Dr Lal Pathlabs and Alkem Labs closed 52 per cent and 31 per cent up from their issue price.
Alkem and Dr Lal recently concluded their initial public offerings successfully. Alkem has raised about Rs 1,350 crore at an issue price of Rs 1,050 per share from its IPO, which was over-subscribed 44.29 times. It plans to expand its footprint internationally. It had a portfolio of 705 brands in the domestic market as on September 30.
Dr Lal’s IPO was a huge success as well with 33.41 times over-subscription. 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.
At 10.06 am, shares of Dr Lal and Alkem were trading at Rs 739.45 and Rs 1369.20 respectively.