MIC Electronics does well on debut

Mumbai, May 30 (UNI) MIC Electronics, on the day of debut on the Bombay Stock Exchange today, traded at Rs 320.10 in early trade with a premium of 113.4 per cent over the initial public offer price of Rs 150, a leading broker said.

The stock debuted at Rs 210.25 which was also its low of the day so far. It hit a high of Rs 343 in intra-day trade.

About 9.7 lakh shares were traded in the stock on BSE during the first few minutes of trade.

The company had priced its IPO at the top end of Rs 129 to Rs 150 price band. It was subscribed a little over 50 times.

The current price of Rs 320.10 discounts its half-year ended December 2006 annualised EPS of Rs 10.80, by a PE multiple of 29.6.

The PE multiple works out to 41.5 based on its year ended June 30, 2006 (FY 2006) EPS of Rs 7.70.

At Rs 150, the IPO was priced 13.8 times of its half-year ended December 2006 annualised EPS of Rs 10.80, and 19.4 times of its year ended June 30 2006 (FY 2006) EPS of Rs 7.70.

The post issue equity capital of the company is Rs 20.13 crore.

The face value per share is Rs 10. The post issue promoters' holding is 37.17 per cent. The post issue FII holding is 7.33 per cent.

MIC Electronics is engaged in the design and manufacture of true colour LED video display systems. The LED products manufactured by the company find various applications, which include sports and live events, advertising campaigns and news ticker displays, brokers added.

UNI