Syncom Healthcare, which is engaged in the business of manufacturing, marketing and distribution of pharmaceutical formulations under own brands of Ethical, OTC, Generic and Herbal market segment, closed at Rs 85.80, a premium of 14.4 per cent over its issue price of Rs 75.
The stock has seen an intraday high of Rs 107.20 but profit booking at higher levels erased some gains. It witnessed volumes of 5,24,99,576 shares and has seen a turnover of Rs 497.64 crore on the NSE.
On the BSE, the share ended at Rs 87.85, after seeing day's high of Rs 107.25. It opened at Rs 88.
Indore based Syncom Healthcare had entered capital market with public issue of 75,00,000 equity shares during January 27-29, 2010 and its issue was subscribed 5.17 times. The price band was at Rs 65 to Rs75.
The company raised Rs 56.25 crore from this issue. The proceeds from the issue will be used for setting up new manufuring unit at Indore SEZ for various pharmaceuticals formulations; undertaking the upgradation/modernization of manufacturing facilities at Dehradun Plant; working capital requirements; setting up an export office at Mumbai and undertaking Brand & Product Registration and Approval.
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