Claris Lifesciences falls below IPO price

capital market | Mumbai |

Settles at Rs 205.85 on BSE

Shares of Claris Lifesciences settled at Rs 205.85 on BSE, a 9.71% discount to the initial public offer price of Rs 228. The stock debuted at Rs 224.40, a 1.58% discount to the initial public offer (IPO) price. The stock hit a high of Rs 227.90 and a low of Rs 198.10. On BSE, 1.54 crore shares were traded on the counter.

The initial public offer of Claris Lifesciences was subscribed 1.5 times. The IPO got bids for 1.61 crore shares, compared with 1.07 crore shares on offer.

The qualified institutional investors (QIB) category was subscribed 1.31 times, the non-institutional investors category, comprising high networth individuals and corporates, was subscribed 2.03 times and the retail investors portion was subscribed 1.6 times.

The company had slashed the price band for the IPO and had also extended the IPO closing date after a poor response to the issue. The IPO, which was to initially end on 26 November 2010 was extended till 2 December 2010. The company had slashed the IPO price band to Rs 228-235 per share from earlier Rs 278-Rs 293.

Claris Lifesciences, on 23 November 2010, raised Rs 54 crore by selling 18.43 lakh shares to four anchor investors at Rs 293 per share.

Claris Lifesciences plans to utilise the IPO money to set up a new manufacturing unit, a research and development unit and for pre-payment of a term loan. The Ahmedabad-based firm is one of the largest Indian sterile injectables pharmaceutical companies.

Claris Lifesciences reported a consolidated net profit of Rs 57.73 crore on total sales of Rs 324.95 crore for the five month ended May 2010.

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