Innova Captab closes maiden trading session with 21% listing gains

• The stock listed at ₹456 as compared to its IPO price of ₹448.
• The grey market is expecting 19% listing gains from the stock.
• The company’s marketcap is at ₹2,610 crore, as per BSE.

Pharma company Innova Captab closed its maiden trading session with 21% listing gains. This is in line with the grey market's expectations of 19% listing gains.

While the stock listed in the morning at a 1.8% premium, it gained rapidly during the trade. The company’s marketcap is at ₹2,610 crore, as per Bombay Stock Exchange.

The ₹570 crore issue was subscribed four times the shares on offer. It received good interest from retail investors as compared to institutional investors..

Most of the stocks that listed in 2023 have given positive listing gains to investors. Here are the listing gains of the last few market debuts.

The offering is a combination of fresh issue and an offer-for-sale. It intends to use proceeds from the fresh issue towards debt repayment, working capital and general corporate purposes.

It’s an integrated pharmaceutical company with a presence across research and development, manufacturing, drug distribution and marketing and exports. Its business includes contract development and manufacturing organization (CDMO) business which provides manufacturing services to Indian pharmaceutical companies.

“In Fiscal 2022, among Indian formulation CDMO players considered in the CRISIL Report, we recorded the third highest operating revenue, the second highest operating profit margin, the third highest net profit margin and the second highest return on capital employed,” the company said in its DRHP.

It also has a domestic branded generics business and an international branded generics business. “We have developed a diversified branded generics product portfolio including tablets, capsules, dry syrups, dry powder injection, ointments and liquid orals,” the company said in its DRHP.

It has a dedicated R&D laboratory and pilot equipment located at its manufacturing facility in Baddi, Himachal Pradesh.

Torrent Pharmaceuticals, Laurus Labs, Ajanta Pharma, J B Chemicals and Pharmaceuticals Limited, and NATCO Pharma are some of its many listed peers.