At Rs 521.70 on BSE Religare Enterprises settled at Rs 521.70 on BSE, a premium of 182% over IPO price of Rs 185.
On BSE, 1.11 crore shares of the scrip were traded.
The stock debuted at Rs 323.75, a premium of 75% over the IPO price. It touched a high of 600 and a low of 323.75.
At the current market price of Rs 521.70, the PE multiple works out to 158.09, based on the year ended March 2007 EPS of Rs 3.3.
The company had fixed the IPO price at the top end of the Rs 160-185 price band.
The Religare Enterprises IPO had ended on 2 November 2007 with 160.56 times subscription. The IPO received total bids for 121.64 crore shares as against the issue size of 75.76 lakh shares.
The qualified institutional buyers (QIBs) category was subscribed 184.94 times. The non institutional investors category, made up of corporates and high-net individuals, was subscribed 215.44 times. The retail investors category was category was subscribed 93.50 times.
The company plans to use the IPO proceeds to finance expansion of its domestic operations, and investing in subsidiaries Religare Securities and Religare Insurance Broking.
Religare Enterprises, a financial services provider, is a holding company of 11 subsidiaries, targeting retail, high net worth individuals, besides corporate and institutional clients.
Indopark Holdings, a subsidiary of Merrill Lynch, recently bought 5% stake in the company for Rs 60.6 crore.
Religare Enterprises reported a net profit of Rs 24.87 crore on total income of Rs 320.12 crore in the year ended March 2007.
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