Shares of diagnostic chain Dr Lal PathLabs today listed with a strong premium of almost 31 per cent over the issue price of Rs 550.
On BSE, Dr Lal's stock opened at Rs 717, up 30.36 per cent as against the issue price. Within minutes of trade, it touched a high of Rs 747 and a low of Rs 715.50.
The stock listed at Rs 720, a steep gain of 30.9 per cent on NSE.
The company commands a market valuation of Rs 6,142.16 crore.
Dr Lal's IPO was a big success with 33.41 times over- subscription.
In the IPO, the qualified institutional buyers (QIBs) part was subscribed 63.56 times and non-institutional investors saw 61.28 times subscription.
The retail investors category was subscribed 4.24 times.
Prior to Dr Lal's IPO, Alkem, S H Kelkar, VRL Logistics, Power Mech Projects and Syngene International have seen strong response in terms of subscription so far this year.
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.
