Coal India jumps 40 percent to Rs.342.35 on debut

MUMBAI - The share price of state-run Coal India closed at Rs.342.35, up 39.73 percent from the issue price of Rs.245, on the first day of trading at the Bombay Stock Exchange (BSE) Thursday.

Trading in the world’s largest coal miner, which raised Rs.15,200 crore through an initial public offering (IPO) last month, opened at Rs.287.75, up 17.44 percent from the issue price.

The scrip touched a high of Rs.344.75 and a low of Rs.287.45 in intra-day trade.

Average trading price of Coal India, in which the government controls 90 percent stake, was Rs.327.83.

The scrip attracted a record volume as investors scrambled to buy shares in the firm which produced over 80 percent of India’s coal at 471 mines across the country.

The total market capitalisation of the firm rose to Rs.2,16,240 crore.

Coal India’s IPO, the biggest in the nation, was subscribed 15 times. Listing of Coal India has boosted liquidity in the market, pushing the BSE benchmark Sensex 2.09 percent higher at 20,893.57 points.