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Stock broking and investment banking firm Religare Enterprises had a terrific listing today. The Delhi based company, promoted by the Singhs of Ranbaxy, opened at Rs 323.75 on the Bombay Stock Exchange compared to the offer price of Rs 185. The shares later touched a high of Rs 600, and is currently trading at Rs 546. The Religare public issue was oversubscribed 160 times. So this kind of opening was not unexpected.
On the National Stock Exchange, the scrip opened at Rs 323.75, touched a high of Rs 601 and was trading at Rs 588.
Religare is a holding company of 11 subsidiaries engaged in offering financial services targeted at retail, high networth individuals besides corporate and institutional clients. The company recently sold a 5 per cent stake to Indopark Holdings, a subsidiary of Merrill Lynch, for Rs 60.6 crore.
Meanwhile, Edelweiss Capital, the Mumbai-based investment banking firm cum institutional broking house closed its public issue on Tuesday. The issue was oversubscribed 109 times. The stock broking firms and investment houses have caught the fancy of investors. The Edelweiss issue was priced in the band of Rs 725-825, valuing the company at Rs 6,400 crore.