IDEA Cellular debuts in capital market with a 13.33 per cent premium

Mumbai, Mar 9 (UNI) An Aditya Birla Group company, Idea Cellular, today debuted in the capital market and was listed at Rs 85, a premium of 13.33 per cent, over its offer price of Rs 75 per share on the National Stock Exchange (NSE).

The company's initial public offering (IPO) aggregated Rs 21,250 million, of equity shares of Rs 10 each and its issue has been oversubscribed by 49.51 times. It is a good start for IDEA, holding above Rs 85 with the help of institutional support despite bad mood in the market. At 1004 hrs, the share was trading at Rs 85.40, up 13.87 per cent, with volumes of 3,83,46,848 shares on the NSE, touched an intraday high of Rs 92 and low of Rs 84.40, brokers said.

''Idea has witnessed a turnover of Rs 80 crore in the Futures segment and open interest at 30 lakh shares. The stock is availlable in NSE F&O segment with futures lot size of 2,700 shares. The company, which operates in 11 circles in the country, is close to signing a USD 500 million IT deal with IBM - Mint. Besides, it has added 5.68 lakh GSM users in Feb in addition to 6.29 lakh in January, brokers added.

UNI