Money Dec 26, 2012
Mumbai: Rating agency CARE today made a strong debut on the bourses, listing at Rs 940, against the issue price of Rs 750 per share.
After listing with a premium of over 25 percent in early morning trade, shares of the company were later trading at Rs 926.50, up 23.53 percent on the BSE. On NSE, the stock opened at Rs 940, up 25.33 percent over its issue price.
CARE's initial public offer (IPO) had received strong investor interest as the issue was subscribed nearly 41 times. The company had fixed the price band at Rs 700-750 per share. CARE (Credit Analysis and Research Ltd) is promoted by major banks and financial institutions.
The company is the third rating agency in the country to go public after Crisil and Icra. Rally in the stock outperformed the broader market gain where the BSE benchmark Sensex was trading at 19,419.67, up 164.58 points at 1210 hrs.
More From R Jagannathan.