Credit
Analysis and Research Limited ( CARE) has listed at Rs 940,
a 25% premium against its issue price of Rs 750 per share on the National Stock
Exchange (NSE). The stock hit a high of Rs 955 and low of Rs 930 so far. A
combined 1.41 million shares have changed hands on the counter in opening deals
on the NSE and BSE.
CARE, the second-largest credit rating agency in India, has raised
Rs 540 crore by issuing 7.2 million shares through initial public offer (IPO).
The company has fixed the issue price at higher price band at Rs 700-750 per
share.
The IPO attracted bids for 245.56 million shares
against 7.2 million shares on offer, translating to 34.11 times subscription,
according to information available in basis of allotment.
The category reserved for
qualified institutional buyers (QIBs) was subscribed 43 times, while
non-institutional investor’s portion received 110 times subscription. Shares
reserved for retail investors got subscribed 6.11 times and of anchor investors
by 1.81 times.
CARE will not receive any proceeds from the Offer, and all
proceeds shall go to the selling shareholders.
“The objects of the Offer are to carry out the sale of
equity shares by the selling shareholders and to achieve the benefits
of listing the equity shares on the stock exchanges,” the company said in
a prospectus.
CARE is the third rating agency in the country to go public after
Crisil and Icra.
The Book Running Lead Managers to the Offer are Kotak Mahindra Capital Company Limited, DSP Merill Lynch Limited, Edelweiss Financial Services Limited, ICICI Securities Limited, IDBI Capital Market Services Limited and SBI Capital Markets Limited.
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