The BSE Sensex was down 131.46 points or 0.65% to 20,159.43
On BSE, 12.85 lakh shares changed hands in the counter in early trade.
The stock debuted at Rs 1443.75, a premium of 75% as compared to the issue price of Rs 825. The stock hit a high of Rs 1608.75 and low of Rs 1443.75 so far during the day.
The company had fixed the issue price at the top end of the Rs 725-825 price band. At the current market price of Rs 1530, the PE multiple works out to 104.79, based on the year ended March 2007 EPS of Rs 14.60.
The Edelweiss Capital IPO had ended on 20 November 2007 with 110.96 times subscription. The IPO received total bids for 93.05 crore shares, as against the issue size of 83.86 lakh shares.
The qualified institutional buyers (QIBs) category was subscribed 153.14 times. The non institutional investors category, made up of corporates and high networth individuals, was subscribed 164.30 times. The retail investors category was subscribed 17.21 times.
Edelweiss Capital provides investment banking, institutional equities, private client broking, asset management, wealth management, insurance broking and wholesale financing services to corporate, institutional and high net worth individual clients.
Edelweiss plans to utilise the IPO proceeds for enhancement of margin maintenance with stock exchanges, establishment of additional offices and acquisition of office infrastructure, enhancement existing technology capacity and prepayment of loans.
Edelweiss Capital’s total consolidated income in 2006-07 (April-March) was Rs 371.2 crore and net profit for the year stood at Rs 109 crore. For the five months ended August 2007, its consolidated total income stood at Rs 284.86 crore and net profit Rs 80.93 crore.
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Source - HDFCSEC
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