Equitas listing a smashing hit, stock soars 23 pc

Shares of Equitas Holdings, the current fiscal's first IPO, made a blockbuster debut at the bourses today, closing the day with nearly 23 per cent gains over the issue price of Rs 110.
The stock which debuted at Rs 144, a gain of 30.9 per cent, finally ended the day at Rs 135.25, up 22.95 per cent on BSE.
During the day, it surged 33.63 per cent to Rs 147.
On NSE, shares of the company zoomed 22.9 per cent to settle at Rs 135.20.
The company commands a market valuation of Rs 4,535.95 crore.
In terms of volume, 308.79 lakh shares of the company changed hands at BSE and over 13 crore at NSE during the day.

Equitas Holdings, with a licence for a small finance bank, had raised about Rs 2,200 crore through an initial public offering, which ended earlier this month.

The IPO, which opened from April 5-7, was subscribed over 17 times at a price band of Rs 109-110 per share.
Funds raised from the issue will be used to develop IT infrastructure for the new bank and lending purposes, among others.
Axis Capital, ICICI Securities, HSBC and Edelweiss Financial Services were merchant bankers of the IPO.
The Chennai-based Equitas Holdings is one of the 10 entities that received in-principle approval from the Reserve Bank in September last to set up small finance banks.

Equitas provides credit to small business units, marginal farmers, micro industries and other unorganised sector entities through high technology-low cost operations.