Sudeep Pharma Shares Surge Nearly 24% in Market Debut Trade

Shares of Sudeep Pharma Ltd on Friday listed with a premium of nearly 24% against the issue price of ₹593.

The stock started trading at ₹733.95, up 23.76% from the issue price on the BSE. Later, it jumped 31% to ₹777.

At the NSE, the stock made its market debut at ₹730, registering a jump of 23.10%.

The company's market valuation stood at ₹8,567.72 crore.

The initial public offer of Sudeep Pharma Ltd received 93.71 times subscription on the final day of share sale on Tuesday.

The ₹895-crore IPO had a price band of ₹563-593 per share.

The initial public offering (IPO) was a combination of fresh issue of equity shares worth ₹95 crore and an offer-for-sale of nearly 1.35 crore equity shares, aggregating to ₹800 crore, by the promoters.

Proceeds from the fresh issue to the tune of ₹75.81 crore will be used for capital expenditure toward the procurement of machinery for its production line located at the Nandesari Facility 1, Gujarat, and for general corporate purposes.

Sudeep Pharma is a technology-led manufacturer of excipients and speciality ingredients for the pharmaceutical, food, and nutrition industries, dedicated to contributing to the global healthcare ecosystem.