Care Ratings lists at hefty premium to offer price

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Care Ratings lists at hefty premium to offer price
Credit rating company Credit Analysis and Research Limited (CARE) listed today on the bourses and was trading at Rs 940, a hefty premium of 26 per cent to the offer price.

The company had fixed fixed the issue price at higher end of price band of Rs 700-750 per share and hence allottees have got whopping returns on listing.

The issue, which opened for subscription during December 7-11, was oversubscribed heavily by almost 41 times.
One of the reasons for the listing gains BY care is on account of the strong returns generated by other rating agencies like ICRA and CRISIL over the years.

Care Ratings is the second-largest credit rating agency in India. The company has provided rating volume of debt of around Rs.44,051 bn (as on September 30, 2012). CARE Ratings has also emerged as the leading agency for covering many rating segments like that for banks, and sub-sovereigns.

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