Power Finance Corporation scrip trades at 107.15 on NSE

Mumbai, Feb 23 (UNI) Power Finance Corporation (PFC) was today for the first time trading at Rs 107.15 on the National Stock Exchange (NSE), a premium of 26 per cent, over the initial public offer (IPO) price of Rs 85, brokers said.

The stock debuted at Rs 113, hit a low of Rs 106 and a high of Rs 119.40. Volumes in the stock were abnormally high at 2.1 crore shares on NSE just in the first few minutes of trade.

The IPO had received a strong response from investors. It was subscribed 77.24 times, amidst heavy bidding by FIIs, and was priced at the upper end of the Rs 73-Rs 85 price band.

NSE has also included the stock in the futures&options segment.

The lot size of PFC in the derivatives segment is 2,400, sub-brokers added.

UNI