Brooks Laboratories Ltd, a pharmaceutical contract research and manufacturing services firm, got listed at Rs 110 a share as compared to its issue price of Rs 100.
At 09:58 a. m., the company’s shares trimmed the majority of its early gains and were ruling 14% up at Rs 114.
The stock price also touched an intraday high of Rs 131.10, transforming more than 30% gain in trade today.
Mr. Atul Ramchal, CMD, Brooks Labs stated that the company anticipates its top-line to go up by 35-40% during the existing fiscal year on account of superior exports.
He added that the company’s management is optimistic on recording PAT of Rs 20 cr during the subsisting financial year.
Brooks Laboratories caters to antibiotic, antituberculosis therapeutic sections.
The company said that it will utilize the proceeds for establishing a novel manufacturing division at JB SEZ Pvt Ltd, Panoli, Gujarat for a variety of pharmaceuticals formulations.