Religare shrugs market blues, ends debut day with 182% premium

Religare shrugs market blues, ends debut day with 182% premium


Mumbai: Financial services provider Religare Enterprises on 21 November surged 182% over the issue price on its debut trade on the bourses and settled for the day at 521.75 on the Bombay Stock Exchange.

Earlier in the morning, the company got listed at a 75% premium over the issue price of Rs185 a share on the bourses.

The scrip opened at Rs323.75, saw an intra-day high of Rs600 and low of Rs323.75. A total of 1.11 crore shares changed hands at the BSE.

On the National Stock Exchange, the scrip opened at Rs323.75, touched a high of Rs601 and closed at Rs522. A total 1.60 crore shares were traded at the exchange.

The company led by promoters of Ranbaxy Laboratories has issued 7.57 crore equity shares in its initial public offering at Rs185 each. The IPO received overwhelming response from investors and was subscribed over 160 times.

The Qualified Institutional Bidders (QIB) portion was subscribed nearly 185 times, while retail investors bid for 93.5 times more shares reserved for them.

The funds raised through the offer would be utilised for expansion of domestic operations and branch network, the company had said.

Religare is a holding company of 11 subsidiaries engaged in financial services targeted at retail, high net worth individuals, and corporate and institutional clients.

The firm recently sold 5% stake to Indopark Holdings, an of Merrill Lynch, for Rs60.6 crore.