Coal India ends with 40% gains on debut

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Coal India ends with 40% gains on debut

Coal India ends with 40% gains on debut. Coal India touched an intraday high of Rs 344.75 and an intraday low of Rs 287.45. Market cap of the company stands at Rs 216,240.74 crore. The issue price was fixed at Rs 232.75 for retail investors.

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Coal India BSE | NSE 01/06/12 Are Mutual Funds betting on Coal India?

India's black diamond Coal India (CIL) became super star on its debut on Thursday. It has received tremendous response from investors, could be backed by released money blocked in the IPO. Shares of India's largest coal producing company settled at Rs 341.90, a premium of 39.55% over an issue price of Rs 245 a share.

It traded with volume of 67.26 crore equity shares on both exchanges and touched an intraday high of Rs 344.90 & low of Rs 291 on the National Stock Exchange.

An ecstatic Partha Bhattacharya, CMD of Coal India said the stellar listing was on expected lines. "We are happy with the listing and expect the stock to outperform ahead," he said adding, "The Company may consider a follow-on public offer at a later stage."

Overall it was a Diwali gift for retail investors as said by all experts. Retail investors received approximately 199 shares in allotment, which gave returns of Rs 21,720 upon listng. Even it is very good for other investors like high networth and qualified institutional investors; for whom profit came in at Rs 96.9 a share.

After such a stellar performance, SP Tulsian of sptulsian.com said the listing was beyond his expectations. "I am not expecting the price to fall below Rs 300 in the next six months," he said.

CIL had received bids for USD 54 billion worth of equity shares as against issue size of USD 3.5 billion; most of the balance money could be returned to the markets or in CIL today.

The market cap of CIL stood at Rs 2.16 lakh crore, which brought the stock at 4th rank on market cap basis after Reliance Industries, ONGC and SBI.

Coal India's 24.6 crore equity shares marked for delivery on day 1. It witnessed buying worth Rs 7,500 crore on day 1.