Motilal Oswal Financial Services settled at Rs 977.45 on the BSE, a premium of 18.47% over IPO price of Rs 825.

On BSE, 37.19 lakh shares of the scrip were traded.

The scrip debuted at Rs 999, a premium of 21.09% over the IPO price. The stock hit a high of Rs 999 and a low of Rs 913.

At the current price of Rs 977.45, PE works to 37.59, based on the consolidated year ended March 2007 EPS of Rs 26.

The company had fixed the IPO price at the top end of the Rs 725 - 825 per share price band.

The IPO of Motilal Oswal Financial Services had ended on 20 August 2007 with 27.41 times subscription.

The qualified institutional bidders (QIB) category was subscribed 43.9 times. The non-institutional segment comprising of high networth individuals and corporates, was subscribed 10.2 times whereas the retail portion was subscribed 4.4 times. The employees portion was subscribed 1.75 times.

Motilal Oswal Financial Services (MOFSL) is the Motilal Oswal group’s holding company with stake in four group companies: Motilal Oswal Securities (MOSL – the stock broking arm), Motilal Oswal Commodities Brokers (MOCB - the commodity business arm), Motilal Oswal Venture Capital Advisors (MOVC - the venture capital advisory arm) and the Motilal Oswal Investment Advisors (MOIAPL - the investment banking arm).

The object of the issue was to raise funds to enable the group to improve its competitive position and support growth plans through deployment of long-term working capital, enhanced financing facility for broking customers, and additional office space and technology advancement.

MOFSL’s consolidated net profit rose 15% to Rs 69.58 crore, on 39% growth in income from operations to Rs 358.75 crore in FY 2007 over FY 2006.