Shares of non-banking financial company MAS Financial Services Ltd surged as much as 46 pct on market debut Wednesday after its initial public offering last week was subscribed nearly 128 times.
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.