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It was a fantastic listing for Credit Analysis and Research, the second largest rating agency in India. The stock rallied 23 percent over its issue price of Rs 750, to close at Rs 922.55 on the National Stock Exchange.
India's second largest rating agency Credit Analysis and Research opened at Rs 940, a premium of 25.33 percent over its issue price of Rs 750 on the National Stock Exchange on Wednesday.
Credit rating agency Credit Analysis and Research Limited (CARE) will list its equity shares on Wednesday, December 26, 2012. It has fixed the issue price at higher end of price band of Rs 700-750 per share.
The Rs 540-crore IPO of credit rating agency Credit Analysis and Research Limited (CARE) has oversubscribed 40.98 times, as per data available on National Stock Exchange.
IIFL has come out with its report on CARE IPO. According to the research firm, this IPO is a pure offer for sale by existing shareholders viz IDBI Bank, Canara Bank, SBI, Federal Bank and ING Vysya Bank among others. Therefore, CARE will not receive any proceeds from the issue but listing benefits.
Rajen Shah, CIO of Angel Broking advised avoiding the Bharti Infratel IPO that will be opened for subscription from tomorrow till Friday, December 14.
CARE‘s offer at the lower end of the price band (700) itself discounts its FY12 EPS and Book Value 17.3 times and 5.3 times respectively. As compared to CRISIL and ICRA, CARE may perhaps look cheap, says V S Fernando.
CARE has opened its Rs 540-crore initial public offer for subscription today. The company has finalized the allocation of 10,79,954 equity shares (15 percent of the total offer of 71,99,700 equity shares) to 12 anchor investors at upper end of price band of Rs 700-750 per share, aggregating to Rs 80.996 crore.
Experts are betting high on the Rs 540-crore public offer of credit rating agency CARE which is set to open for subscription on December 7. Analysts feel that its lower price-to-earnings multiples compared to its peers make it a favourable IPO this session.
India's second largest credit rating agency Credit Analysis And Research (CARE) has filed draft red herring prospectus with market regulator SEBI for initial public offering of 71,99,700 equity shares.
