The Hindu Business Line : Patni Computers lists at marginal premium

Mr S.M. Patni (right), former Chairman, Patni Computer Systems, and Mr N.K.Patni, Chairman & CEO, striking the gong at the listing ceremony of its equity shares on the BSE in Mumbai on Wednesday. — Paul Noronha

Mumbai , Feb. 25

THE IPO of Patni Computers made its debut on the stock market on Wednesday with the stock listing at a marginal premium to the offer price.

The scrip closed at Rs 234.45 on the NSE compared to the offer price of Rs 230 for Rs 2 face-value share.

It touched a day's high of Rs 301 and low of Rs 231.15. The stock recorded a volume of 1.10 crore shares, 22.71 per cent of which (25.05 lakh shares) were for delivery.

On the BSE the stock closed at Rs 233.20, intra-day touching a high of Rs 305 and a low of 231.05. Total volume was 60.50 lakh shares.

The company had issued 1.87 crore shares at Rs 230 per share through the book-building route.

Brokers said that the listing at a marginal premium to the offer price was mainly due to the poor market sentiment prevailing in the secondary market.

They said that the shares opened much higher than the offer price but could not sustain at higher levels as most of the investors wanted to sell their shares in order to participate in other IPOs that are open or scheduled to open in the next few days.

"If the IPO rush were not there, the stock would have closed much higher," said a dealer with a domestic broking firm.

There could be some more selling in case the share price falls below the offer price, he added.

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