Advanced Enzyme Technologies today made a stellar debut on stock exchanges with its stocks surging 31.50 per cent as against its issue price of Rs 896.
The stock got listed at Rs 1,210 on BSE, with a huge premium of 35 per cent over the issue price. Later, it touched a high of Rs 1,242.75.
The stock ended the session at Rs 1,178.30 on the BSE and the market capitalisation of the company stood at Rs 2,630.67 crore.
On the NSE, shares of the company debuted at Rs 1,210, then rallied further and touched an intra-day high of Rs 1,244.00. The shares closed for the day at Rs 1,178.10.
The company’s initial public offer was a major hit with investors and the firm had raised over Rs 411 crore through its IPO.
The quota reserved for qualified institutional buyers (QIBs) was oversubscribed 94.03 times and that of non institutional investors 393.10 times. Retail investors category was oversubscribed 11.6 times.
The IPO comprised fresh issue of shares worth Rs 50 crore and an offer for sale (OFS) for up to 4,034,470 scrips by promoter group shareholders along with Kotak Employees Investment Trust, Kotak India Venture Fund-I and Kotak India Venture (Offshore) Fund.
The company is a leading domestic enzyme firm engaged in research, development, manufacturing and marketing of over 400 proprietary products developed from 60 indigenous enzymes.