Equitas makes stellar debut, shares surge 34%

The shares of Equitas Holdings, fiscal's first IPO, made a remarkable debut at the bourses on Thursday, rising nearly 34% over the issue price of Rs 110.

The stock listed at Rs 144, registering a sharp gain of 30.9% compared with the issue price on BSE, where it touched a day's high of Rs 147, up 33.63%.

At NSE, it soared 33.63% to Rs 147. It listed at Rs 145.10, up 32% on the bourse.

Equitas Holdings, with a licence for a small finance bank, had raised about Rs 2,200 crore through an initial public offering which ended earlier this month.

The IPO, which opened from April 5-7, was subscribed over 17 times at a price band of Rs 109-110 per share.

Funds raised from the issue will be used to develop IT infrastructure for the new bank and lending purposes, among others.

Axis Capital, ICICI Securities, HSBC and Edelweiss Financial Services were merchant bankers of the IPO.