India's Supriya Lifescience jumps over 50% in stellar debut

Supriya Lifescience

28/12/2021 06:36

** Active pharmaceutical ingredients maker's shares
 SPRL.NS  soar nearly 54% to 421 rupees in India stock market
debut
    ** At open, Supriya Lifescience was trading at 421 rupees vs
offer price of 274 rupees
    ** Company has high profit margins, strong balance sheet,
analysts at Anand Rathi said, giving the IPO a "subscribe (long
term)" rating in a pre-debut note
    ** "Supriya Lifescience has consistently been India's
largest exporter of certain niche products. We like the company
for its niche product portfolio, backward integrated business
model and robust financials" - Motilal Oswal Financial Services
    ** Company's 70 bln rupees ($935.42 mln) IPO comprised of a
fresh issue of 7.3 mln shares and an offer for sale of 18.3 mln
shares
    ** SPRL plans to use IPO proceeds for funding capital
expenditure requirements and repayment of some debt

 ($1 = 74.8325 Indian rupees)

 (Reporting by Shivani Singh in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))