Indoco makes 67 premium debut

A similar trend was witnessed on the National Stock Exchange NSE too, with the stock after opening at Rs 401.55 per share moved to touch an intra-day high of Rs 465. But it slipped subsequently to an intra-day low of 351, before closing at Rs 395.60, up 61.47 per cent to its issue price. A total of 50.92 lakh shares changed hands on the NSE. At the day8217;s high, the company is valued at about Rs 520 crore. The promoters 8212; the Khares thus have a notional wealth of Rs 348 crore.

8220;Nobody expected this kind of return,8221; said N. Sethuram, Chief Investment Officer at SBI Mutual Fund, whose fund had bid for the shares in the IPO.

The IPO had raised Rs 735 million by selling a 25.38 per cent stake. It had priced the offer at the upper end of a pre-determined band of Rs 220-245. On Thursday, the company said profit after tax in the past December quarter nearly trebled from a year ago to Rs 70.48 million, while net sales rose 15.2 per cent to Rs 428.5. The proceeds from the IPO would be used to set up a formulation plant in Baddi in Himachal Pradesh and a research and development centre.