India, Nov. 28 -- Sudeep Pharma Ltd. listed at a premium over its IPO price today, underscoring the demand for new stocks in the world's fourth largest stock market.

Sudeep Pharma's share price rose as much as 32.20% over the IPO price to Rs.784.00, after listing at a premium of 23.10%, even as the benchmark Sensex traded 0.25% higher. That gave the company a market capitalisation in excess of Rs.8,500 crore.

Earlier, the Sudeep Pharma IPO was subscribed 93.71 times over the issue size of Rs.800 crore. On offer in the IPO were new shares worth Rs.95 crore and an offer-for-sale of nearly 1.35 crore by existing investors. The price band was set at Rs.563-593 per share.

The IPO proceeds are earmarked for capital expenditure-new machinery ...