The scrip of Infrastructure Development Finance Company Ltd, which listed on the National Stock Exchange on Friday, opened at Rs 60 per share, at substantial premium to issue price of Rs 34.
The stock touched a high of Rs 72.40 and was currently ruling at Rs 68.25 per share, according to NSE data.
The initial public offering comprising 40.36 crore (403.6 million) equity shares that opened for biding on July 15 and closed on July 22, was oversubscribed 37.7 times.
The issue had a price band of Rs 29-34 per share. Based on the response to IPO, the issue price was fixed at Rs 34 per share of Rs 10 each.
The proceeds of the issue would be used to support future growth in assets.
Kotak Mahindra Investment Banking, DSP Merrill Lynch, SBI Capital Markets and J M Morgan Stanley were the book running lead managers for the issue.
After listing ceremony, IDFC managing director and chief executive Rajiv Lall told reporters that the flooding in the aftermath of rains in Mumbai on July 26 has brought out importance of better infrastructure.
IDFC would focus on projects in energy, transportation, telecom and urban and industrial infrastructure sector, he added.
