Advanced Enzyme made a strong debut on the bourses on Monday with the stock surging nearly 31% to close at Rs 1,178. The stock listed at Rs 1,210, a premium of over 35% to the issue price of Rs 896, after hitting a high of Rs 1,242.75.
Post listing, the stock now commands a market capitalisation of Rs 2,630.67 crore.
Between January and July 2016, about 14 companies have raised Rs 9,824 crore through initial public offerings (IPO), according to Prime Database.
Advanced Enzyme raised Rs 411 crore at a price of Rs 896 apiece was oversubscribed 115.8 times with investors bidding for 37.45 crore shares of the total 32,34 lakh shares on offer.
Qualified institutional buyers (QIBs) bid for 8.64 crore shares of the 9.18 lakh shares reserved for them,an over
subscription of more than 94 times. The retail investor portion was subscribed by nearly 12 times and high net worth individual (HNI) category was subscribed by 393 times.
The enzyme manufacturer reported a net profit of Rs 78.43 crore in FY16 and a total revenue of Rs 294.6 crore.
Healthcare and nutrition and bio-processing business of the company constitute 87.62% and 12.38% of its total revenue, respectively. The company counts Sanofi India, Cipla, Ipca and Emcure pharmaceuticals as its main customers.
Advanced Enzyme filed a draft red herring prospectus with Securities of Exchange Board of India on January for the IPO and got approval for the issue in May. Axis Capital and ICICI Securities were the book running lead managers for the offering.