Moneycontrol News
Bandhan Bank share price rallied sharply on the debut Tuesday, rising 27 percent over issue price of Rs 375.
After opening at Rs 487.33 on the National Stock Exchange, the stock price touched an intraday low of Rs 455. It could not cross its pre-opening settlement price of Rs 499, the day's high, intraday.
On the NSE, the share price closed at Rs 476.85 with trading volume of 9.1 crore equity shares.
It ended up 27.25 percent at Rs 477.20 on the BSE, with trading volume of 1.39 crore shares.
At closing price, the company's market capitalisation stood at Rs 56,920.65 crore.
The Rs 4,473-crore initial public offering was oversubscribed 14.6 times during March 15-19, 2018. Bandhan Bank intends to use issue proceeds for raising capital base and part exit of one of its existing shareholders IFC.
The bank's network is particularly strong in east and northeast India, with West Bengal, Assam and Bihar together accounting for 57.75 percent and 58.13 percent of branches and door step services (DSC) respectively.
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