Financial Daily from THE HINDU group of publications
Tuesday, May 24, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 24, 2005 |
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Markets
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IPOs Shoppers' Stop debuts on strong note at bourses Our Bureau
Mr C.L. Raheja, Chairman, K. Raheja Corp, striking the bell at the Bombay Stock Exchange Convention Hall for the listing of Shoppers' Stop shares in Mumbai on Monday. - Paul Noronha
Mumbai , May 23 SHARES of Shoppers' Stop Ltd soared on the bourses on the day of its listing today. The stock, which made its debut on the BSE and the NSE, started trade at Rs 335.50. It rose to an intra-day high of Rs 419.80, up by over 76 per cent from its allotment price of Rs 238. Though the stock was expected to have a strong opening, the strength of trade today did take the market by surprise. Several brokers attributed this to the lack of quality stocks in the retail segment. Pantaloon and Trent are the two other listed companies in the sector and both have had a significant run up in the last 8-10 months. The sector is poised for growth and this interest is reflected in the stock, said an analyst. Shoppers' Stop had entered the capital market with its maiden public offering of 69 lakh equity shares of Rs 10 each with a price band of Rs 210 and Rs 250 a equity share. The issue opened for bids on April 28 and closed on May 4. "We are committed to create a world-class organisation and are focussed on creating India's No.1 retail chain. As part of our aggressive growth plans, we opened two new stores recently - one in Pune and the 18th store of the company in Juhu, Mumbai. We will work tirelessly towards creating value for our existing as well as new investors which totals to more than 56,000," the CEO and MD of Shoppers' Stop, Mr B.S. Nagesh, was quoted in a company press release.
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