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BL Research Bureau

The strong response to the IPO of Edelweiss Capital, which closed on Tuesday and the expected listing of Religare Enterprises on Wednesday may help sustain the recent buying interest in stocks of broking and financial services companies.

While the IPO of Edelweiss Capital, a firm specialised in investment banking, asset management and institutional broking has received a subscription of over 100 times the offer size, Religare, a retail broking firm, also attracted a similar response earlier this month.

Both offers saw a robust response from institutional bidders, though they were priced at a premium to several of the listed firms.

Listed firms in the broking and investment banking business such as Motilal Oswal Financial Services, Geojit Securities and IL&FS Investmart, may be the key beneficiaries of this trend.

Investor fancy for listed financial services companies may also spill over to companies such as IDFC, which holds a 67 per cent stake in SSKI, a leading broking firm.

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