Religare zooms on listing

The shares of Religare Enterprises, the brokerage cum financial house founded by the promoters of Ranbaxy, more than tripled on debut to close at Rs 519 on the BSE.

The shares had earlier listed at Rs 323 a share, a premium of 74 per cent to the issue price of Rs 185. Over 15 million shares were traded on the stock exchanges.

The company is valued at Rs 3,538.5 crore, at Wednesday's closing price. This makes it the fourth largest brokerage house after Indiabulls Financial Services (Rs 17,708 crore), India Infoline (Rs 6135 crore) and Motilal Oswal Financial (Rs 4,280 crore). Geojit Financial Services, where BNP Paribas owns 27 per cent, is valued at Rs 1007 crore. 
 

THE BIG FIVE
Brokerages	M-cap (Rs cr)
Indiabulls Financial Services	17,708
India Infoline	6,135
Motilal Oswal Financial	4,280
Religare Enterprises	3,538.5
Geojit Financial Services	1007

Edelweiss Capital, whose IPO was subscribed by 110 times yesterday, will have a market capitalization of Rs 6,181 crore at the upper end of the IPO pricing.

On a day marked by a sharp fall in benchmark indices, Religare Enterprises zoomed to over Rs 600 in intra-day trades, reflecting investor appetite for financial services.