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Shares of Brooks Laboratories, a pharmaceutical contract research and manufacturing services company, got listed on the Bombay Stock Exchange today at Rs 110 apiece, a premium of 10 per cent vis-a-vis their issue price of Rs 100.
Within minutes of the opening bell, the scrip of the company surged to a high of Rs 131.10, a significant jump of 31 per cent over its issue price on BSE.
However, the company lost momentum thereafter and was trading at Rs 11.40 at 10.23 a.m. Over 76 lakh shares exchanged hands on BSE within the first hour of trade.
Brooks Laboratories had raised Rs 63 crore from its initial public offer (IPO).
The company plans to utilise the IPO proceeds to set up a manufacturing unit in Gujarat, besides working capital requirement and general corporate purposes.
Brooks Laboratories, incorporated in 2002, has a wide range of products catering to critical care segments in the parental section. Its plant is located within an excise free zone at Baddi, Himachal Pradesh.
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