Syncom Healthcare surges over 38 per cent on listing day

MUMBAI: Syncom Healthcare, engaged in marketing and manufacturing of drugs and formulations, had a stellar listing Monday. The stock built on to the positive start it got and shot up over 25 per cent soon after listing.

At 10:37 am, the scrip was at day’s high of Rs 103.80, up Rs 28.80 or 38.40 per cent on the NSE. It touched a low of Rs 88.75 in trade so far.

The scrip listed at Rs 89.90, up Rs 14.90 or 20 per cent against issue price of Rs 75 per share.

The company will be using the IPO proceeds to part finance new manufacturing unit to produce formulations at Indore Special Economic Zone, upgrade and modernise the manufacturing unit at Dehradun in Uttaranchal.