Within minutes of listing, the scrip touched a high of Rs 47.20 and over 67.95 lakh shares exchanged hands on the BSE.
Bafna Pharmaceuticals was trading at Rs 45.45 on the BSE at 10.18 am.
The company got listed with 1,59,81,335 equity shares of Rs 10 each at an issue price of Rs 40 per share.
Bafna has a manufacturing facility at Chennai and has acquired 2.65 acres of factory land in Grantylon Village, near Chennai to expand its operations to regulated market such as US and UK and also to manufacture its own products.
The company plans to utilise the proceeds of the issue towards brand building exercise in the domestic market, strengthening its research and development facility.
