Mumbai, Aug. 6 (PTI): Pharmaceuticals formulations company Alpa Laboratories today got listed at a discount of 11.76 per cent at Rs 60 on the Bombay Stock Exchange (BSE) over its issue price of Rs 68.

Alpa Laboratories made its debut in a weak market as the BSE benchmark index slipped 432.82 points and the wide-based Nifty was down by 120.85 points in early morning trade.

Within minutes of listing the scrip touched a high of Rs 65, but later fell to hit a low of Rs 54.05. Over 12.48 lakh shares exchanged hands on the BSE.

The scrip was trading at Rs 59 at 10.02 am on the exchange.

On NSE, the shares of the company got listed at Rs 61 before touching a low of Rs 55 with 14.44 lakh shares being traded.

The company entered the bourses with over 2.10 crore equity shares at an issue price of Rs 68 per share.

The proceeds of the issue would be utilised for setting up a new plant at Pigdamber in Indore to increase production and testing capacities, besides meet margin money working capital requirements and general corporate purposes.

Alpa Laboratories manufactures and markets a wide range of products for human and veterinary use under its own brand to both national and international pharmaceutical companies.