Indian paracetamol maker Valiant Laboratories lists at 16% premium

Granules India

06/10/2023 05:57

BENGALURU, Oct 6 (Reuters) - Shares of Indian
pharmaceutical company Valiant Laboratories  VALO.NS  rose 15.8%
in their trading debut on Friday, valuing the company at 5.28
billion rupees ($63.5 million).
    The initial public offering of the Mumbai-based maker of
paracetamol tablets was oversubscribed 29.8 times, with retail
investors bidding 16 times and high net-worth investors 73.6
times.
    The offering had fresh issue of shares worth 1.62 billion
rupees ($19.5 million) at the top end of the 133-140 rupees
price range.
    Valiant is involved in the business of manufacturing active
pharmaceutical ingredients (API) for pain killer drug
Paracetamol.
    Valiant competes with larger rivals such as Granules
 GRAN.NS  and Glenmark Life Sciences  GLEM.NS  in the API
market.
    Earlier this week, Indian commercial port operator JSW
Infrastructure's  JSWN.NS  listing saw a bumper opening with
shares surging more than 32%.
    
    
($1 = 83.2025 Indian rupees)

 (Reporting by Sethuraman NR and Kashish Tandon in Bengaluru;
Editing by Sohini Goswami)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))