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Aug 10, 2017 11:52 AM IST | Source: Moneycontrol.com

Security and Intelligence Services debuts with 5% gains at Rs 855

In the pre-opening, the stock settled at Rs 879.80, higher by 8 percent from its issue price.

Security and Intelligence Services (India) opened the first trade at Rs 855 on the National Stock Exchange, up 4.9 percent over its issue price of Rs 815.

The listing was on expected lines as the issue saw a subscription of 7 times.

At 10:02 hours IST, the stock was trading at Rs 856.95, up 5.14 percent over issue price but down 2.6 percent from pre-opening price.

In the pre-opening, the stock settled at Rs 879.80, higher by 8 percent from its issue price.

SIS India raised Rs 780 crore through public issue that was opened for subscription between July 31 and August 2. The price band for the issue was at Rs 805-815 per share.

The initial public offering comprised of fresh issue of equity shares of up to Rs 362.25 crore and an offer for sale of up to 51.2 lakh equity shares to be diluted by investors and promoters.

The funds raised through fresh issue would be used for repayment & pre-payment of a portion of certain outstanding indebtedness availed by company (about Rs 200 crore); funding working capital requirements (Rs 60 crore); and general corporate purposes.

The Security and Intelligence Services provides security services both in India and Australia with diverse solutions across the security spectrum. The portfolio of services includes security design and solutions, fire safety, event security, VIP protection, aviation security, emergency response, investigation work and integrated technology solutions providing man-tech solutions.
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