BENGALURU (Reuters) -Shares of Bajaj Housing Finance more-than-doubled in their trading debut on Monday, giving the company a market capitalization of 1.34 trillion rupees ($16 billion) and making it India's most valuable listed home loan financier. The stock rose as much as 130% to 161 rupees before paring some gains to trade at 125% higher.
The stock was listed at 150 rupees on the National Stock Exchange of India, compared with an offer price of 70 rupees. India's second-biggest home loan financier by assets under management (AUM), Bajaj Housing Finance's $782 million IPO had attracted bids worth about $38.60 billion last week, making it the most sought-after public listing this year in a red-hot IPO market.
Backed by the 100-year-old Bajaj group, the offering drew investors due to its pedigree, an ongoing IPO euphoria and booming demand for luxury homes, that is set to push home prices higher in the country. A rally in the Indian stock market has resulted in over 200 companies raising more than $7 billion this year, more than double the amount raised during the same period last year, LSEG data showed. ($1 = 83.
8890 Indian rupees) (Reporting by Dimpal Gulwani in Bengaluru; Editing by Eileen Soreng).