Emcure Pharmaceuticals Ltd on Wedneday made a fabulous listing with a premium of 31 per cent.

As against IPO price of ₹1,008, the pharma major stock listed at ₹1,325.05 on the BSE and rose to a high of ₹1,384. However, profit taking dragged the stock to close at ₹1,358.85, up 34.81 per cent.

The IPO received an overwhelming response, especially from qualified institutional buyers.

The Bain Capital-backed Emcure Pharma IPO at a price band of ₹960-1,008 was subscribed 67.87 times. Emcure Pharma hit the market with an IPO size of ₹1,952.03 crore - a fresh issue of 79 lakh shares worth ₹800 crore, and an offer-for-sale (OFS) of 1.14 crore shares totalling ₹1,152.03 crore.

Namita Thapar, one of the pharma major’s promoters, sold over 12.68 lakh shares through offer-for-sale (OFS). Other promoters, Satish Ramanlal Mehta, Sunil Rajanikant Mehta and Samit Satish Mehta offloaded part of their stake in the OFS. BC Investments IV Ltd, an affiliate of US-based private equity major Bain Capital, was also among the shares in the OFS.

As part of its IPO, Emcure Pharmac raised over ₹582 crore from anchor investors.

The pharma company plans to use the net proceeds to repay and/ or prepay all or part of certain outstanding borrowings and for general corporate purposes.