Shares in SKS Microfinance rose more than 16 per cent on debut on Monday after it’s stock commenced trading on Monday.
At 9:45 am (IST), the shares of SKS Microfinance were trading at Rs 1125 a gain of 14% on the issue price of Rs 985.Retail investors who were given a discount of Rs 50 and were issued shares at Rs 935 stand to make 19% on it’s current price. The stock debuted at Rs 1,040, a 5.2% premium over the initial public offering (IPO) price. The stock has so far hit a high of Rs 1,162 and a low of Rs 1,040.
The NSE has seen a trade of 6,120,906 shares while the BSE has seen 2,784,624 shares of SKS Microfinance change hands.
According to Udayan Mukherjee of CNBC TV18, SKS Microfinance will be in the category of stocks, which would forever trade expensive and he believes that there could be further upside to this stock once the floating stock is absorbed by FII’s. SKS Microfinance has drawn high-profile investors such as billionaire George Soros, venture capitalist Vinod Khosla and Infosys Technologies founder N.R. Narayana Murthy.SKS Microfinace’s IPO had been oversubscribed 13.7 times.