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)
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