Clinitech Laboratory shares list at 20% premium to IPO price on BSE SME; check details

Pathology and diagnostic lab Clinitech Laboratory Ltd made a firm debut on the stock exchange with shares listing at a premium of around 20% over the issue price.

The company's shares started trading at ₹115 per share on the BSE SME platform, reflecting gains of 20% against the issue price of ₹96 apiece.

After listing, the stock rallied as much as 5% to hit the upper circuit limit at ₹120.75 apiece.

More than 1.62 lakh shares of the company changed hands on the bourse. The turnover was ₹1.86 crore. The market capitalisation of the company stood at ₹26.25 crore.

Mumbai-based Clinitech Laboratory Ltd runs eight diagnostic centres and pathology labs in Thane and Navi Mumbai.

The company launched its public offer on July 25 to raise around ₹5.78 crore from investors. The IPO was a fresh issue of 6.02 lakh shares. Clinitech Labs price was fixed at ₹96 per share. The minimum lot size was 1,200 shares and the minimum amount of investment required was ₹1,15,200. Bigshare Services Pvt Ltd was the registrar for the IPO.

The BSE SME issue was subscribed more than 39 times during the bidding period that ended on July 29. The NIIs category was booked 23.38 times, while the retail portion was subscribed 49.6 times. The Qualified Institutional Buyers (QIBs) applied for over 3.01 lakh shares.

Clinitech Laboratory aims to utilise the IPO proceeds to expand operations. The company has proposed to use ₹4.98 crore for opening 15 new diagnostic centres.

Clinitech Laboratory Ltd, founded in 1990, is primarily engaged in providing diagnostic and healthcare services. The diagnostic lab operator runs eight test centres in Thane and Navi Mumbai. The company employed 85 people across departments as of May 31, 2024.