Tech Mahindra soars 51 on debut

The company barged into the country8217;s top-100 market cap league, while making its shareholders richer by about Rs 2,176 crore on the very first day of its publicly-listed history.

The stock soared to an intra-day high of Rs 569 on the BSE after listing at a price of Rs 525 per share. It had hit a low of Rs 523 early in the morning trade.

The company8217;s market capitalisation surged to over Rs 6,400 crore at the end of the day8217;s trading as against its market cap of Rs 4,230 crore based on the issue price of Rs 365 per share.

Tech Mahindra8217;s listing with a huge premium comes in sharp contrast to another recent listing by GMR Infrastructure, which has ended on a flat note on the first day of trading. GMR and Tech Mahindra issues had closed on the same day, August 4 with both receiving significant oversubscription from the institutional investors.