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CARE Ratings shares list at 25% premium on NSE


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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