Laurus Labs was selling up to Rs 300 crore in new shares and some its shareholders were selling about 24.1 million shares in a price range of Rs 426 to Rs 428 per share.
Based in Visakhapatnam, Laurus Labs 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 Labs IPO, making 2016 the best year for initial share sales in six years, according to data compiled by Thomson Reuters.
($1 = Rs 67.4149)