Info Edge stock price rises 85% on debut

Info Edge India, India's first dotcom company to launch a domestic public share offering, shone on the bourses today.

The company, which owns job website Naukri.com and matrimonial service Internet portal jeevansaathi.com, listed at Rs 480 per share, 50 per cent above the issue price of Rs 320. The shares hit a high of Rs 624 in noon deals and finally closed at Rs 593 "" a gain of 85 per cent (Rs 273).

Info Edge co-founder & CEO Sanjeev Bikhchandani and his wife Surabhi "" who post-issue hold 44.60 per cent of Info Edge's shares "" were worth Rs 722 crore at Info Edge's closing price of Rs 593. Co-promoter Hitesh Oberoi, who holds 7.60 per cent of shares, was worth Rs 123 crore.

Info Edge recorded a total trading volume of 1.94 crore shares, accounting for 71.07 per cent of the company's outstanding share capital of 2.73 crore shares.

It recorded a total turnover of Rs 1,150 crore "" Rs 686 crore on the National Stock Exchange and Rs 464 crore on the Bombay Stock Exchange. At the current price of Rs 593, the company's market capitalisation stood at Rs 1,619 crore.

The initial public offer of Info Edge India was subscribed around 55 times, the retail portion 15 times, and qualified institutional participants (QIP) a whopping 85 times.

The company generated a total income of Rs 84.05 crore for the year ended March 31, 2006, and reported a net profit of Rs 13.29 crore.