Religare lists at 75% premium on BSE

Religare Enterprises, a financial services provider led by promoters Ranbaxy Laboratories, today listed at a premium of 75 per cent over the issue price of Rs 185 a share on the Bombay Stock Exchange.

The scrip opened at Rs 323.75 and shot up to Rs 592 within minutes. A total of 18.53 lakh equity shares changed hands at the bourse.

On the National Stock Exchange, the srip opened at Rs 323.75, touched a high of Rs 601 and was trading at Rs 588. A total of 17.81 lakh shares changed hands at the exchange.

The company has issued 7.57 crore equity shares in the initial public offering at Rs 185 each, a circular on the stock exchanges said.

The IPO received overwhelming response from investors and was subscribed over 160 times.

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 maiden 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 offering financial services targeted at retail, high net worth individuals besides corporate and institutional clients.

The company recently sold 5% stake to Indopark Holdings, a subsidiary of Merrill Lynch, for Rs 60.6 crore.