IDEA Cellular debuts with 13.33% premium

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IDEA Cellular debuts with 13.33% premium

Idea Cellular, an Aditya Birla Group company, which is amongst the leading mobile operators in India and currently operates in 11 Circles, has listed with 13.33% premium over its offer price of Rs 75 per share.

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Idea Cellular , an Aditya Birla Group company, which is amongst the leading mobile operators in India and currently operates in 11 Circles, has listed at Rs 85, with 13.33% premium over its offer price of Rs 75 per share, which almost as per the analysts expectations; they were expecting the listing price would be at around Rs 85-90.

It is a good start for IDEA; holding above Rs 85 with the help of institutional support despite bad mood in the market. At 10:04 am, the share was trading at Rs 85.40, up 13.87%, with volumes of 3,83,46,848 shares on the NSE; touched an intraday high of Rs 92 and low of Rs 84.40.

Idea has witnessed turnover of Rs 80 crore in the Futures segment and open Interest at 30 lakh shares.

The stock is availlable in NSE F&O segment with futures lot size of 2700 shares.

The company is close to signing a USD 500 million IT deal with IBM - Mint.

Idea Cellular added 5.68 lakh GSM users in February versus 6.29 lakh in January.

The company entered capital market with an initial public offering, IPO, aggregating Rs 21,250 million, of equity shares of Rs 10 each and its issue oversubscribed 49.51 times.