Akums Drugs and Pharmaceuticals IPO Soars with 16% Premium on Debut

Akums Drugs and Pharmaceuticals Ltd, a pharmaceutical contract development and manufacturing organization, saw its shares debut with a 6.77% premium on Tuesday. The stock price rose from Rs 725 to Rs 784.65 on the BSE. The company's IPO received 63.56 times subscription due to strong institutional interest.

Shares of Akums Drugs and Pharmaceuticals Ltd on Tuesday listed with a premium of nearly 7 per cent against the issue price of Rs 679.

The stock made its debut at Rs 725, up 6.77 per cent from the issue price on both the BSE and NSE. Later, it zoomed 15.55 per cent to Rs 784.65 on the BSE.

The company's market valuation stood at Rs 11,806.91 crore during the morning trade.

The initial public offer of Akums Drugs and Pharmaceuticals received 63.56 times subscription on the closing day of the share sale on Thursday amid massive participation from institutional buyers.

(With inputs from agencies.)