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New Delhi: The second wave of Covid-19 cases in India has badly hit investor sentiment on Dalal Street. However, a recent debutant has defied gravity and delivered up to 150 per cent return over issue price in just one-and-a-half months.
The stock is Nureca, a healthcare and wellness products distributor company, which got listed at Rs 634.95 at a 58.74 per cent premium to its issue price of Rs 400 on February 25, 2021. The stock has surged to trade at Rs 951 on Friday, April 16.
Nureca is a leading player of products that are in high demand due to Coronavirus. The second wave of the pandemic has increased demand for products like oximeters, thermometers, BP monitors, nebulisers and multivitamins, say analysts and market watchers.
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NEW DELHI: Nureca Limited on Thursday made a strong debut on BSE, as the scrip got listed at Rs 634.95, a premium of 58.74 per cent over its issue price of Rs 400. On NSE, the shares listed at Rs 615.00 apiece, a 53.75 per cent premium over the issue price.
At the issue price, the stock was priced at a P/E of 62.55 times on its earnings per share of Rs 6.40.
The Rs 100 crore IPO by the home healthcare and wellness products maker was open for subscription from February 15 to February 17. The issue was subscribed 39.93 times in total.
The B2C company received bids for 5,59,65,945 shares against 14,01,595 shares on offer, according to NSE data. The category meant for qualified institutional buyers (QIBs) was subscribed 3.10 times, and that for non-institutional investors 31.59 times. The portion reserved for retail individual investors (RIIs) saw subscription of 166.65 times.
Shares of healthcare and wellness products distributor Nureca Limited made a strong debut today on exchanges with prices listing at about 59% higher at ₹634
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NEW DELHI: Railtel Corporation is all set to make market debut on Friday, and after Nureca got listed at a 59 per cent premium today, hopes are high that the state-run firm, too, will see a strong debut.
Grey market trends suggest the stock indeed may see decent listing gains, but that may not be enough for it to replicate Nureca s performance in debut trade.
Marketmen tracking grey market trends said Nureca s strong listing might not have any major impact on RailTel s debut, but the recent improvement in the secondary market sentiment would.
They said Nureca s was a small Rs 100 crore initial public offer (IPO) and had, thus, witnessed huge demand. In comparison, RailTel was a large Rs 819 crore issue. The railway firm has reported single-digit sales and profit growth for the past couple of years, while Nureca logged solid growth for the same period.