Motilal Oswal Financial lists at 21% premium

Motilal Oswal Financial lists at 21% premium


Mumbai: Brokerage firm Motilal Oswal Financial listed at 999 on the Bombay Stock Exchange on 11 September, at a premium of 21.09% over its issue price of 25.

Within minutes of listing over 5.44 lakh shares changing hands on BSE.

On the National Stock Exchange, the company got listed at Rs911.10 then touched a high of Rs978.90. Here as many as 11.82 lakh shares were traded.

The company got listed on the bourses with over 2.84 crore equity shares at an issue price of 825 each.

Motilal Oswal Financial Services, the holding company, operates through four subsidiaries Motilal Oswal Securities, Motilal Oswal Commodities Brokers, Motilal Oswal Venture Capital Advisors, Motilal Oswal Investment Advisors.

The proceeds from IPO would be utilised to provide working capital, finance facilities for broking customers, get additional office space and for technological advancement of the firm.

The company with 251 institutional clients including 165 FIIs posted a net profit of Rs70 crore for the year ended 31 March, 2007, while turnover stood at Rs380 crore.