Icra lists at 60% premium

Icra, a credit rating agency part-owned by Moody's Investors Service, rose by 141 per cent on its debut on the bourses, becoming the fourth biggest gainer on the listing day.

Icra, which was listed at Rs 525 per share on Bombay Stock Exchange ""a 60 per cent premium over its issue price of Rs 325, ended the day at Rs 797.60.

The top three biggest gainers on the listing day were Tantia Constructions (220 per cent increase), Nissan Copper (230 per cent) and Cambridge Technologies (163 per cent). 

TOP 5 GAINERS ON DAY ONE
Company	1st closing price	% gain
Tantia Const	229.00	340.00
Nissan Copper	128.80	230.26
Cambridge Tech	99.95	163.03
ICRA	797.60	143.00
Global Broadcast	510.10	104.04

Moody's shareholding at 28.51 per cent is valued at Rs 204.19 crore at the current price, while State Bank of India's stake of 9.99 percent is worth Rs 80 crore. The New Delhi-based Icra raised Rs 39.42 crore ($9.2 million) selling about 1.2 million shares at Rs 330 apiece.

Investors of Icra, including IFCI Ltd, the administrator of the Unit Trust of India and the State Bank of India, sold their stakes in the initial sale.

Domestic financial institution IFCI sold its entire 21 per cent stake, or 1.86 million shares, while Unit Trust of India sold 700,000 shares, or a 7.95 per cent stake, and the State Bank of India offloaded 20,500 shares, equivalent to 1.6 per cent of its 11.6 per cent holding.

Icra rated $31 billion of debt in the last financial year and $22 billion of debt in the nine months to December 2006.