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Business News/ Markets / Stock Markets/  Quest Laboratories listing: Quest Lab share price lists at 60% premium on NSE
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Quest Laboratories listing: Quest Lab share price lists at 60% premium on NSE

Quest Laboratories listing: Shares of Quest Laboratories got listed at a premium of nearly 60 per cent at ₹155 apiece against its issue price of ₹97 on NSE.

Quest Laboratories listing: Shares of Quest Laboratories made a strong debut on Thursday, May 23. (Image: Pixabay) (Pixabay)Premium
Quest Laboratories listing: Shares of Quest Laboratories made a strong debut on Thursday, May 23. (Image: Pixabay) (Pixabay)

Quest Laboratories listing: Shares of Quest Laboratories made a strong debut on Thursday, May 23, listing at a premium of nearly 60 per cent at 155 apiece against its issue price of 97 on NSE. After opening higher, Quest Laboratories shares rose further to hit the level of 159 but eased later and traded at 147.35 around 10:35 am.

Quest Laboratories IPO, with a size of 43.16 crore, opened for subscription on Wednesday, May 15, and concluded on Friday, May 17. Quest Laboratories IPO price band was 93 to 97 per share.

The IPO's lot size was 1,200 shares. For retail investors, the minimum investment amount required was 1,16,400.

Also Read: Quest Laboratories IPO allotment to be finalised today: latest GMP, 4 steps to check status

An entirely fresh issue of 44.5 lakh equity shares, Quest Laboratories IPO saw strong buying interest from retail, QIB and NII segments. 

Overall, Quest Laboratories IPO was subscribed 85.26 times. The IPO received bids for 25.5 crore equity shares against 29.85 lakh shares on the offer.

The retail category was subscribed 57.63 times, while the qualified institutional buyers (QIB) category was subscribed 57.20 times. The non-institutional investors (NII) category was subscribed 184.10 times.

Also Read: Q4 Results Reaction: Garden Reach Shipbuilders soar over 18% to new high as profit doubles in March quarter

The company intends to use the net issue proceeds to fund capital expenditures, including the purchase of plant and machinery for expansion at the existing manufacturing facility, working capital requirements, and general corporate purposes.

Quest Laboratories is a pharmaceutical company which operates in the domestic market across twelve states and two union territories. Its manufacturing unit is located in Dhar, Madhya Pradesh.

Also Read: Multibagger PG Electroplast stock gains over 8% to record high on solid Q4 show, up 3670% in 5 years

Meanwhile, Indian stock market benchmarks, the Sensex and the Nifty 50, traded with decent gains in the morning session. Sensex opened at 74,253.53 against its previous close of 74,221.06 and rose over half a per cent to the intraday high level of 74,632.36 in Thursday's trade till 10:30 am. Similarly, the Nifty 50 opened at 22,614.10 against its previous close of 22,597.80 and rose over half a per cent to 22,719.35.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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Published: 23 May 2024, 10:52 AM IST
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