13 Apr 07 ICRA lists at Rs. 550 and moved up to Rs. 635 on in early, volatile trade

ICRA made a grand debut at Rs. 550 on the NSE and moved on to Rs.646 by afternoon. Its IPO issue price was Rs. 330. There was excellent response to the ICRAÃ‚Â IPO from retail, HNIÃ‚Â as well as institutional investors. The ICRA IPO was subscribed 75 times.

The current price of Rs 630 discounts the April-DecemberÃ‚Â 2006 annualised EPS of Rs 15.90, by a PE multiple of over 39 compared to a PE multiple of 20.75 at the IPO price of Rs 330.

ICRA is the No.2 credit rating agency in India, next only to CRISIL. Indian Credit rating agencies like CRISIL, ICRA, fitch and CAREÃ‚Â will get an additional revenue stream from market regulator Securities & Exchange Board of India (Sebi)Ã¢â‚¬â„¢s decision last month, which made grading of IPOs mandatory for companies wishing to tap the Indian capital markets.

The equity capital of the ICRA is Rs. 10 crores and the face value of the shares is Rs 10 each.

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