SBFC Finance shares debut with nearly 44 pc premium

Shares of non-banking finance company SBFC Finance Ltd made a remarkable stock market debut on Wednesday, beginning the trade with a premium of nearly 44 per cent, against the issue price of Rs 57.

The stock listed at Rs 81.99, up 43.84 per cent from the issue price on the BSE. It later jumped 59 per cent to Rs 90.67.

At the NSE, it began the trade at Rs 82, recording a jump of 43.85 per cent.

The company commanded a market valuation of Rs 9,560.87 crore in morning trade.

The Initial Public Offer (IPO) of SBFC Finance got subscribed 75.80 times on the last day of subscription on August 7, helped by an overwhelming participation from institutional buyers.

The Rs 1,025 crore-initial share sale had a price range of Rs 54-57 a share.

The company will utilise the net proceeds from the issue towards augmenting the company's capital base to meet its future capital requirements arising out of the growth of its business and assets.