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Saamya Biotech attracts 53% premium on debut

Friday, October 19, 2007

Saamya Biotech (India) settled at Rs 15.30 on BSE, a premium of 53% over IPO price Rs 10.

The stock debuted at Rs 17.50, a 75% premium over IPO price of Rs 10. The scrip hit a low of Rs 13.85 and high of Rs 24.35 so far during the day. On BSE, 3 crore shares changed hands in the counter.

The company had entered the capital market with a fixed priced initial public offer (IPO) of 1.50 crore equity shares of Rs 10 each, aggregating to Rs 15 crore.

Hyderabad-based Saamya Biotech (India), a first generation biotech company has entered into an agreement for technology transfer with Biofin Laboratories s.r.l Italy for production of Daunomycin and Hyaluronic Acid. As per the agreement, Biofin will provide the technology know-how to the company to manufacture Daunomycin and Hyaluronic Acid.

The company’s upcoming project at Hyderabad is expected to commence commercial production in next 10 months. It will start its pilot plant in January 2008.

Posted by FR at 6:23 PM  

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