Shares of Syncom Healthcare settled at Rs 87.85 on BSE, a 17.13% premium over the initial public offer price of Rs 75.
The stock debuted at Rs 88, a 17.30% premium over the initial public offer (IPO) price.
On BSE, the counter clocked 2.61 crore shares. The stock hit a high of Rs 107.25 and a low of Rs 85.80.
The current price of Rs 87.85, discounts the company's year ended March 2009 EPS of Rs 2.2, by a PE multiple of 39.93.
The company had entered the primary market with an issue size of 75 lakh shares in the price band of Rs 65 -75 per equity share of Rs 10 each. The issue, which was open between 27- 29 January 2010, got subscribed 5.17 times. The offer constituted 42.86% of the fully diluted post issue paid up capital of the company.
The IPO proceeds would be utilised to part finance the company's plan to set up a new manufacturing unit to produce formulations at the Indore Special Economic Zone. Besides, funds will be utilised to upgrade and modernise the company's manufacturing unit at Dehradun in Uttaranchal at a cost of Rs 6.62 crore.
Syncom Healthcare reported a net profit of Rs 3.81 crore on sales of Rs 60.56 in the year ended March 2009.
Syncom is engaged in marketing and manufacturing of drugs and formulations.