Sai Parenteral's shares made a strong debut with a premium over 3% despite broad market declines. The pharmaceutical firm's IPO was modestly subscribed, driven by institutional buyers. Proceeds will fund expansion efforts, especially in global formulations and contract development sectors.

Sai Parenteral's Shares Make Strong Debut Amid Market Volatility

On Thursday, Sai Parenteral's shares debuted with a more than 3% premium over the issue price, despite an overall weaker market trend.

Listing at Rs 405 on the BSE and Rs 400 on the NSE, the company's valuation reached Rs 1,784.84 crore on the NSE, outperforming a plunging BSE Sensex and NSE Nifty.

The IPO, supported mainly by institutional investors, received 1.05 times subscription, with proceeds aimed at global expansion in formulations and contract development capabilities.

(With inputs from agencies.)