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Strategies & Market Trends : India Stocks
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From: Julius Wong8/12/2010 11:44:31 AM
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India’s MakeMyTrip Jumps After Initial Public Offer (Update1)
By Lee Spears

Aug. 12 (Bloomberg) -- MakeMyTrip Ltd. rallied as much as 74 percent after raising $70 million selling the first U.S. initial public offering by an Indian company since 2006 at the top end of its forecast price range.

India’s biggest online travel company surged as much as $10.35 to $24.35 at 10:53 a.m. New York time in Nasdaq Stock Market trading after selling 5 million shares at $14 each. The midpoint price had valued the Gurgaon, India-based company at 5.41 times next year’s sales, higher than the average of 4.16 for its U.S.-traded rivals, data compiled by Bloomberg and Independent International Investment Research Plc show.

MakeMyTrip raised the full amount it sought after the last eight American companies to complete initial sales sold shares below the forecast range and DLC Realty Trust Inc. postponed its $520 million IPO. Indian companies are raising record amounts from share sales in their home market even as offerings in America languish below their 2007 levels, as economic growth in India outpaces the U.S. by almost three times.

“It’s a nice way to invest in India, which is a huge economy early in its development cycle, and increasing travel is a big part of that,” said Timothy Cunningham, who helps oversee $57 billion at Thornburg Investment Management in Santa Fe, New Mexico. “A lot of IPOs lately have done poorly. This is a huge standout, and the high pricing shows the quality of the company and opportunity it presents.”

noir.bloomberg.com
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