Valiant Laboratories shares debut with nearly 16% premium

Valiant Laboratories IPO listing: Shares of pharmaceutical ingredient manufacturing firm Valiant Laboratories Ltd on Friday listed with a premium of nearly 16 per cent against the issue price of Rs 140. The stock made its debut at Rs 161, up 15 per cent from the issue price on the BSE. Later, it jumped 20.75 per cent to Rs 169.05 -- its highest permissible trading limit for the day. On the NSE, it listed at Rs 162.15, registering a gain of 15.82 per cent. It later rallied 21.60 per cent to reach the upper circuit level of Rs 170.25.

The Initial Public Offering (IPO) of Valiant Laboratories received 29.75 times subscription on the last day of bidding on Tuesday. The initial share sale was an entirely fresh issuance of up to 1.08 crore equity shares. The price range for the offer was Rs 133-140 apiece.

Proceeds of the issue will be utilised to set up a manufacturing facility for speciality chemicals in Gujarat through its subsidiary -- Valiant Advanced Sciences Private Ltd -- and to meet the working capital requirements of the subsidiary company.

READ MORE —Catch LIVE updates on the October 4-6 review of the RBI's MPC here. Find the latest minute-by-minute stock market updates here