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DCB closes with premium of 83% on listing day
Development Credit Bank gained 83% premium over its offer price of Rs 26 per share. It witnessed buying interest through the day as analysts expect that it is a long term story.
Development Credit Bank , one of India's private sector bank promoted by the Switzerland-based Aga Khan Fund for Economic Development, AKFED, headquartered in Mumbai, witnessed large buying spree on listing day and finally closed at 47.50, with 82.69% premium over its offer price of Rs 26 per share.
On the BSE, the share closed at Rs 47.50, with volumes of 5,76,75,900 shares. It touched an intraday high of Rs 48.65 and an intraday low of Rs 35.35.
On the NSE, the share ended at Rs 46.80, with volumes of 8,18,63,292 shares. It touched an intraday high of Rs 48.70 and an intraday low of Rs 35.
Majority analysts believe that DCB is a long term story and the management is very good.
It listed at Rs 35 on the NSE and at Rs 35.5 on the BSE.
The company entered in the capital market with an initial public issue of 7,15,00,000 equity shares of Rs 10 each. The issue was subscribed 35.68 times.
The issue would help the bank strengthen its capital base as also help it meet the capital adequacy norms required by Basel II and recommended by the Reserve Bank of India.
The book running lead managers to the issue were JM Morgan Stanley Private Limited and Enam Financial Consultants Private Limited. Intime Spectrum Registry Limited had been appointed as the registrar to the issue.
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