BSE SME Clinitech Laboratory climbs on listing day

The scrip was listed at Rs 115, a premium of 19.79% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 120.75 and a low of Rs 110. About 3.23 lakh shares of the company changed hands at the counter.

Clinitech Laboratory's IPO was subscribed 36.99 times. The issue opened for bidding on 25 July 2024 and it closed on 29 July 2024. The price of the IPO was fixed at Rs 96 per share.

The IPO comprised fresh issue of 6,02,400 equity shares. The promoter and promoter group shareholding diluted to 61.57% from 83.65% pre-issue.

The company intends to utilize the net proceeds for expansion of diagnostic centres and general corporate purpose.

Clinitech Laboratory is a diagnostic services company with 8 centers in Thane and Navi Mumbai. They offer over 150 types of medical tests, including blood work, immunology, and pathology. The company employs 85 people.

The company recorded revenue from operations of Rs 6.43 crore and net profit of Rs 0.37 crore for the period as on 31 March 2024.