British banking major Standard Chartered on Friday made its debut on the Bombay Stock Exchange at Rs. 105 a share against its issue price of Rs. 104 per unit.
The premium garnered by the country's first IDR listing was about one per cent in a strong broader market. The BSE Sensex was trading one per cent higher at 17103 in afternoon session.
Soon after listing, the scrip touched a high of Rs. 108, but the momentum did not sustain for longer and it fell to Rs. 103.70 at 1300 hrs. A similar trend was seen on the National Stock Exchange where it was trading at Rs. 104 in the afternoon.
On London Sock Exchange, trading in shares of Standard Chartered Plc also was tepid on Friday.
The scrip fell 1.49 per cent to 16.24 pounds in morning trade, though Britain's benchmark FTSE 100 gained by 0.27 per cent.
This is StanChart's third listing after London and Hong Kong.
The bank raised Rs. 2,490 crore through the maiden Indian Depository Receipts issue of 24 crore receipts. The IDR issue was subscribed 2.2 times, though the initial response was not enthusiastic both from institutions and retail investors.
After listing, StanChart Chairman John Peace said the bank did not have any specific plans on how to deploy the issue proceeds but reiterated that it would infuse funds here to support its business operations at the right time. “We have no specific plans to deploy the capital (from the issue) at this stage... But we will continue to invest in our core markets and that includes India,” Mr. Peace said. Mr. Peace termed the IDR issue as a “bold and strategic move” aimed at enhancing its visibility in the market and to allow local investors to participate in its future growth.
