MIC gains 123% on debut

Three new companies were listed on the bourses on Wednesday. MIC Electronics closed at Rs 335.65, a rise of 123.5 per cent compared with the issue price to record the fifth largest rise on the debut day.

The shares of the Hyderabad-based company listed at Rs 210.25, a premium of 40.16 per cent to the issue price of Rs 150 a share. The shares hit a high of Rs 367.80 during the day.

The company, which is a provider of video displays and telecommunication software, raised Rs 76.5 crore by selling 5.1 million shares through the initial public offering. Over 10 million shares changed hands on the BSE.

Insecticides India, the second listing, however, fared badly on debut, ending the day at Rs 110.70, a discount of 4.3 per cent to the issue price of Rs 115 a share.

The company’s shares had listed at Rs 105, a discount of 8.6 per cent to the issue price. The company raised Rs 37 crore by selling 3.21 million shares through the IPO. A total of 46,45,681 shares were traded on the BSE.

McDowell Holdings (MHL) was the third listing on Wednesday.

The shares listed at Rs 195.60, which is 20 per cent higher than the base price of Rs 163 set by the exchanges to calculate the daily circuit filter.

The listing of Mcdowell Holdings follows a restructuring scheme undertaken at United Spirits (USL), where the investment business of USL was transferred to MHL as a going concern. MHL had alloted equity shares to the shareholders in the ratio of one equity share for every 5 shares held in USL.

The gains made by MIC Electronics on the listing day placed the stock among the top five gainers on the listing day. The top four gainers on the listing day were Tantia Construction (340 per cent), Nissan Copper (230.26 per cent), Cambridge Tech (163.03 per cent) and ICRA (143 per cent). Global Broadcast News, whose shares listed at a premium of 104 per cent, now stands in the sixth position.

ICRA zooms 141% on Day 1

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.