Piramal Pharma Ltd, which recently demerged from Piramal Enterprises Ltd (PEL), made its trading debut on the National Stock Exchange at Rs 200 apiece on October 19.

The shares were listed at a fully paid face value of Rs 10 each. Piramal Pharma was demerged from PEL in August, as part of a strategy to simplify the company’s corporate structure. The demerger plan received a nod from the National Company Law Tribunal (NCLT) on August 12.

In consideration of the demerger, shareholders of Piramal Enterprises have been allotted four shares of Piramal Pharma for every one share in PEL, in addition to their existing holding in the parent entity, the statement added.

According to analysts at Motilal Oswal Financial Services, Piramal Pharma has a differentiated business model, comprising Contract development and manufacturing (CDMO; 59 percent of FY22 sales), complex hospital generics (CHG; 30 percent of FY22 sales), and India Consumer products (ICH; 11 percent of FY22 sales).

They expect the CDMO revenue to record a CAGR of 10 percent over FY22-24, CHG revenue at a CAGR of 12 percent and ICH revenue at CAGR of 22 percent over the same time frame.Their target price on the stock is Rs 210.