High volume of 1.45 crore shares in the scrip on BSE on day one

MIC Electronics settled at Rs 335.65, a premium of 123.7% over IPO price of Rs 150. The stock debuted at Rs 210.25, which was also the day’s low. It hit a high of Rs 367.80. Volumes in the stock were heavy as 1.45 crore shares were traded in the scrip on BSE.

The company had priced its IPO at the top end of Rs 129 to Rs 150 price band. The IPO had received overwhelming investor response. It was subscribed a little over 50 times.

The current price of Rs 335.65 discounts its half-year ended December 2006 annualised EPS of Rs 10.80, by a PE multiple of 31. The PE multiple works out to 43.5 based on its year ended 30 June 2006 (FY 2006) EPS of Rs 7.70.

At Rs 150, the IPO was priced 13.8 times its half-year ended December 2006 annualised EPS of Rs 10.80, and 19.4 times its year ended 30 June 2006 (FY 2006) EPS of Rs 7.70.

The post issue equity capital of the company is Rs 20.13 crore. The face value per share is Rs 10. The post issue promoters’ holding is 37.17%.

MIC Electronics is engaged in the design and manufacture of true colour LED video display systems. The LED products manufactured by the company find various applications, which include sport and live events, advertising campaigns and news ticker displays.

Besides this, the company also provides premier large format display solutions, including indoor and outdoor LED display and mobile LED sisplay on a limited period rental basis