Everstone-backed IndoStar Capital shares Rise on stock market debut

Mumbai-based IndoStar Capital Finance Ltd made a positive start on the stock exchanges on Monday, with its shares listing at a 4.9% premium.

Shares of the Everstone Capital-backed non-banking finance company (NBFC) began trading on the BSE at Rs 600 compared with the initial public offering (IPO) price of Rs 572, stock-exchange data showed.

The stock touched a high and a low of Rs 606.30 and Rs 591.10, respectively, in early trade. The BSE’s benchmark Sensex was flat.

The company now commands a market capitalisation of Rs 5,423 crore.

IndoStar is the 14th company to list on the main board of the bourses in 2018. Seven of the previous 13 companies had gained on debut.

The positive listing follows an IPO that received a strong response from investors. The IPO was subscribed 6.5 times.