IDFC scrip doubles on debut

Retail investors gain over Rs 500 crore on Day 1.

Infrastructure Development Finance Corporation (IDFC) became the second company in 2005 to end the first day of its trading at over 100 per cent premium to its issue price.

IDFC shares closed on the Bombay Stock Exchange at Rs 69.55, registering 105 per cent appreciation over its issue price of Rs 34 per share. It was listed at Rs 60"" a 76 per cent premium to its issue price.

On its debut, it posted a market capitalisation of Rs 7,827 crore. The biggest gainer in calendar year 2005 is Nandan Exim, which had a listing day gain of 151 per cent. Vishal Exports, too, saw an appreciation of its stock by 178 per cent. However, it was not its initial public offer (IPO).

Of the 100 companies that have been listed over the last six years (since 2000), 14 registered over 100 per cent gains on their debut on the bourses. Dishman Pharmaceuticals and Chemicals has been the biggest gainer among all new issues, registering an appreciation of 210 per cent on listing. The stock had closed at Rs 542 on the day of listing against its issue price of Rs 175 per share.

Power Trading Corporation ranked second in the list. It had appreciated 179 per cent on debut.

IDFC rose to an intra-day high of Rs 72 on heavy buying from operators and investors. It closed at Rs 69.55 with trading volumes of 11.23 crore shares on the BSE and 24.96 crore shares on the NSE.

Retail investors, who invested Rs 480 crore for 14.12 crore equity shares, have become richer by Rs 502 crore on Day one. Non-institutional investors have earned Rs 215 crore and mutual funds Rs 108 crore. Foreign institutional investors have raked in Rs 556 crore on an investment of Rs 532 crore for 15.63 crore shares.