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NSE SME Quest Laboratories jumps on debut
23-May-24   11:19 Hrs IST

The scrip was listed at Rs 155.10, a premium of 59.90% compared with the initial public offer (IPO) price. The stock is currently frozen in its lower limit of 5% over its listing price.

The counter hit a high of Rs 159 and a low of Rs 147.35. About 14.18 lakh shares of the company changed hands at the counter.

Quest Laboratories' IPO was subscribed 57.26 times. The issue opened for bidding on 15 May 2024 and it closed on 17 May 2024. The price band of the IPO was fixed between Rs 93 to Rs 97 per share.

The IPO comprised fresh issue of 44,49,600 equity shares. The promoter and promoter group shareholding diluted to 65.82% from 90.36% pre-IPO.

The company intends to utilise the net proceeds to meet working capital requirements of the company, for funding of capital expenditure towards purchase of plant and machineries for expansion at the existing manufacturing facility situated at Dhar, Madhya Pradesh and general corporate purposes.

Ahead of the IPO, Quest Laboratories on 14 May 2024, raised Rs 11.98 crore from anchor investors. The board allotted 12.36 lakh shares at Rs 97 per share to 4 anchor investors.

Quest Laboratories engaged in the business of manufacturing of pharmaceutical formulations across a broad spectrum, including antibiotics, antimalarials, antispasmodics, anti-inflammatories, antiemetics, respiratory medications, diabetes treatments, antidepressants, and more. These formulations fall under the trademark ?Quest Laboratories?. The company produces a variety of products, comprising ethical drugs, generic drugs, and over the-counter drugs (OTC). These products are available in various forms such as tablets, liquid orals, oral dry powders, oral powders (ORS), ointments, and external liquids. As of 31 December 2023, the company has 83 employees.

The company recorded revenue from operations of Rs 62.07 crore and net profit of Rs 7.74 crore for the period as on 31 December 2023.

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