Indian generic drugmaker Laurus Labs Ltd’s shares rose as a lot as 16.36 p.c on their market debut on Monday after the corporate’s preliminary public providing raised $196.6 million.
The inventory opened at 489.90 rupees on the Nationwide Inventory Trade and rose to a excessive of 498 rupees, in contrast with the IPO problem worth of 428 rupees.
Based mostly in Visakhapatnam, Laurus makes lively pharmaceutical substances (API), or drug uncooked supplies, that go into the making a spread of medicines, mainly HIV/AIDS medicine.
($1 = 67.7500 Indian rupees)
(Reporting By Arnab Paul in Bengaluru; Enhancing by Subhranshu Sahu)