Dhoot Transmission lists 38% up, Molbio Diagnostics gains 21%

Shares of Dhoot Transmission and Molbio Diagnostics made strong stock market debuts on Monday. Dhoot Transmission listed at a 38 per cent premium on the NSE, while Molbio Diagnostics debuted with a 21.4 per cent gain, following heavy subscriptions to both initial public offerings.

The Hindu BusinessLine reports that Bain Capital-backed Dhoot Transmission shares opened at Rs 1,200 on the NSE, against the IPO price of Rs 871. The stock later rose to Rs 1,205. The company, which makes wiring harnesses, raised Rs 918.3 crore from anchor investors including BlackRock and Abu Dhabi Investment Authority. Its Rs 3,067-crore IPO was subscribed 74.21 times. Proceeds will partly repay borrowings and set up new plants in Haryana and Tamil Nadu.

Molbio Diagnostics, backed by Temasek, listed at Rs 980 on both exchanges against the offer price of Rs 807. The stock rose to Rs 1,003.85. The company’s IPO was subscribed 70.26 times. It plans to use part of the Rs 200-crore fresh issue for setting up an R&D facility and purchasing equipment for its Goa and Visakhapatnam units.