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SKS Microfinance surges nearly 18% after listing
Shares of SKS Microfinance, engaged in providing microfinance services to individuals from poor segments of rural India, has seen good response on its debut on exchanges.
Shares of SKS Microfinance , a firm engaged in providing microfinance services to individuals from poor segments of rural India, has seen good response on its debut on the exchanges. It has listed at Rs 1040 as against issue price of Rs 985 per share on NSE.
At 9:16 hours IST, a share was trading at Rs 1109, up 12.59%, with volume of 44.3 lakh shares. It has touched a high of Rs 1162 in early trade, which was better-than-expected.
Citigroup said it was strong listing for SKS Mircofinance and large FIIs participated in the issue. "Growth opportunity to continue for micro financing in India," it said.
On the BSE, SKS was trading at Rs 1110.98, after seeing early high of Rs 1159.60 and low of Rs 1036, which was opening price. It has seen volume of more than 20 lakh shares.
The company has received more than Rs 1600 crore through the offering of 168 lakh equity shares recently and the price band was at Rs 850-985.
SKS is a non-deposit taking non-banking finance company, or NBFC-ND, registered with and regulated by the Reserve Bank of India, or RBI. It is engaged in providing microfinance services to individuals from poor segments of rural India.
Its core business is providing small loans exclusively to poor women predominantly located in rural areas in India. These loans are provided to such members essentially for use in their small businesses or other income generating activities and not for personal consumption.
