Laurus Labs jumps over 16 percent on market debut

REUTERS - Indian generic drugmaker Laurus Labs Ltd's shares rose as much as 16.36 percent on their market debut on Monday after the company's initial public offering raised $196.6 million.

The stock opened at 489.90 rupees on the National Stock Exchange and rose to a high of 498 rupees, compared with the IPO issue price of 428 rupees.

Based in Visakhapatnam, Laurus makes active pharmaceutical ingredients (API), or drug raw materials, that go into the making a range of medicines, chiefly HIV/AIDS drugs.

($1 = 67.7500 Indian rupees)

(Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)