Firstsource Solutions debuts at Rs75.10, a 17.34% premium

Firstsource Solutions debuts at Rs75.10, a 17.34% premium
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First Published: Thu, Feb 22 2007. 10 36 AM IST
Updated: Thu, Feb 22 2007. 10 36 AM IST
MUMBAI: Leading BPO company, Firstsource Solutions today got listed at Rs75.10 with a 17.34% premium on the Bombay Stock Exchange, over its issue price of Rs64 per share.
The scrip touched highs of Rs88.90 within minutes of listing as 24.20 lakh shares changed hands on the BSE, according to data available on the BSE.
Firstsource Solutions entered the bourses with over 41.62 crore shares of Rs 10 each having a premium of Rs54.
On the National Stock Exchange, Firstsource made its debut at Rs90.10 with 40.81% premium and over 1 crore shares were traded as the stock witnessed heavy selling activity, data on the NSE shows.
The company (formerly known as ICICI OneSource) entered the capital market with its initial public offering of 6.93 crore equity shares (including an offer for sale of 93 lakh shares by the ICICI Group), which was oversubscribed over 50 times — generating a demand of over Rs22,000 crore. Major participation was seen from qualified institutional investors and non-institutional investors.
Firstsource Solutions intended to use the net proceeds of the issue to make acquisitions, set up new facilities, repay a loan and for general corporate purposes. The company has over 74 leading organisations as customers, including Fortune Global 500 banks, Fortune Global 500 telecommunications companies and Fortune 100 healthcare companies.
DSP Merrill Lynch and Deutsche Equities India were the joint bookrunners for the issue, while ICICI Securities was the co-bookrunner.
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First Published: Thu, Feb 22 2007. 10 36 AM IST
More Topics: Money Matters | IPOs |