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S Chand shares make stock market debut at 5.52% premium

LiveMint logoLiveMint 09-05-2017 Ami Shah

Mumbai: Shares of text book publisher S Chand & Co. Ltd rose 5.52% on debut on Tuesday compared to the issue price of Rs670 per share, the upper end of the price band of Rs660-670 apiece.

S Chand’s Rs728.5-crore initial public offer (IPO) received nearly 60 times subscription when it closed last month.

At 10.07am, they were up 0.55% at Rs673.70, while the benchmark 30-share Sensex index traded 0.06% higher at Rs29,944.04 points. Intraday, the shares touched a high of Rs707 and a low of Rs668.80, respectively.

S Chand’s revenues and earnings have seen a compounded annual growth rate of 33% over the fiscal year 2012-2016 period. It is a market leader with a share of 13% in education content. Closest peers Oxford Publication and Orient Black Swan have a share of 6% each.

Ahead of the IPO, the company allotted 3,262,194 equity shares at Rs670 per share totaling to around Rs219 crore to 15 anchor investors, including Nomura Trust and Banking Co. Ltd, HDFC Co. Trustee Ltd, HSBC Global Investment Fund, BNP Paribas Arbitrage and SBI Life Insurance Co.

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