Innova Captab’s stock made a modest entrance onto Dalal Street today, marking the final listing of 2023. The pharmaceutical company debuted on the BSE at ₹456.10, a 2% premium over its issue price of ₹448. Meanwhile, on the NSE, the stock listed at ₹452.10, reflecting a premium of 0.92%. Despite trading at a premium in the grey market prior to listing, the shares witnessed a significant decline from ₹121 per share to around ₹32 in the unlisted market.
The grey market, an unofficial platform where shares are traded before official listing, had initially shown a premium of approximately 7.14% over the issue price. However, this premium dwindled leading up to the listing day, reflecting a trend of lackluster listings and subdued trading volumes in the closing days of the year.
The public issue, with shares priced in the range of ₹426-448 and a lot size of 33 equity shares, generated a total of ₹570 crore. This sum included ₹320 crore from a fresh share sale and an offer-for-sale (OFS) involving up to 55,80,357 equity shares.
Innova Captab intends to allocate the net proceeds from the issue towards the repayment of outstanding loans, investment in subsidiary UML for debt repayment, funding working capital requirements, and general corporate purposes. The stock’s lackluster performance post-listing may prompt market observers to closely monitor its trajectory in the coming days.
