RBL Bank surges 25% on market debut after $182 million IPO

Private-sector lender RBL Bank gained as much as 25.5 % in its market debut on Wednesday, after the lender`s initial public offering of shares raised $182 million in the nation`s first bank IPO in six years.

Shares in RBL Bank were trading at Rs 281.30 by 0431 GMT, compared with the IPO price of 225 rupees. The stock hit a high of Rs 282.40.

The lender raised Rs 8.33 billion ($124 million) in the IPO to boost its capital, while some of its shareholders pared their holdings to raise about Rs 3.8 billion.

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The IPO had been subscribed nearly 70 times.

($1 = 67.0500 Indian rupees)

(Reporting by Devidutta Tripathy and Arnab Paul; Editing by Sherry Jacob-Phillips)