Claris Lifesciences makes weak debut, down 1.57 pc on BSE

Shares of the company opened at Rs 224.40 on the BSE, down 1.57 per cent against the issue price.Meanwhile, the broader gauge Sensex was also down by 113.11 points vis-a-vis the previous close at 19,751.74 at 0948 hours.

The Rs 3,000 crore share sale of Claris Lifesciences got a lukewarm response from investors, due to which the company had extended the closing date for the initial public offer (IPO) and lowered the price band to Rs 228-Rs 235 from the earlier band of Rs 278-Rs 293 per share.

Following the conclusion of the IPO, the company had fixed the issue price of shares at Rs 228 apiece, the lower end of the price band.The Ahmedabad-based company will use the proceeds from the IPO for capacity expansion, as well as to set up a research and development facility and retire debt.

Claris Lifesciences is one of the largest sterile injectables pharmaceutical companies in the country, with a presence in 76 markets worldwide.