MUMBAI Dec 8 Indian generic drug maker Laurus
Labs Ltd's initial public offering of shares to raise
up to 13.32 billion rupees ($197.58 million) was fully
subscribed on the last day of the sale on Thursday, stock
exchange data showed.
Laurus is selling up to 3 billion rupees in new shares and
some its shareholders are selling about 24.1 million shares in a
price range of 426 to 428 rupees per share.
Based in the southern Indian city of Visakhapatnam, Laurus
makes active pharmaceutical ingredients (API), or drug raw
materials, that go into the making a range of medicines, chiefly
HIV/AIDS drugs. It has three production plants in India for
exports to the United States and other countries.
Indian companies have raised $3.7 billion from IPOs so far
this year, excluding the Laurus IPO, making 2016 the best year
for initial share sales in six years, according to data compiled
by Thomson Reuters.
($1 = 67.4149 Indian rupees)
(Reporting by Zeba Siddiqui and Devidutta Tripathy in Mumbai;
Editing by Subhranshu Sahu)