Shares of ICRA, a credit rating agency part-owned by Moody's Investors Service, rose by 141% on its debut day on the markets, becoming the fourth biggest riser on the listing day.
ICRA, which was listed at Rs 525 per share on the Bombay Stock Exchange - 60% premium from the issue price of Rs 325, ended the day at Rs 797.60. The top three biggest gainers on the listing day were Tantia Construction (220% increase), Nissan Copper (230%) and Cambridge Technologies (163%).
Moody's shareholding at 28.51% is valued at Rs 204.19 crore at the current prices while State Bank of India's stake of 9.99% is worth Rs 80 crore.
New Delhi-based ICRA raised Rs 39.42 crore ($9.2 million) selling about 1.2 million shares at Rs 330 apiece.Investors of ICRA, including IFCI, the administrator of the Unit Trust of India and the State Bank of India, sold their stakes in the initial sale.
Domestic financial institution IFCI sold its entire 21% stake (1.86 million shares), while Unit Trust sold 7,00,000 shares (7.95% stake) and State Bank of India offloaded 20,500 shares, equivalent to 1.6%, out of its 11.6% holding in ICRA.
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