Shares of non-banking financial company MAS Financial Services Ltd
The stock rose to 670 rupees from its IPO price of 459 rupees in a public float that was worth about 4.6 billion rupees ($70.75 million), adding to the strong interest seen in initial share sales this year.
Indian companies have seen a rise in demand for IPOs and look set to surpass the record $8.65 billion raised in 2007.
The MAS Financial stock possesses "fundamental strength with robust growth in advances, steady asset quality and healthy return ratios," ICICI Securities analysts wrote in a note. ($1 = 65.0200 Indian rupees)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.