Shares of India Shelter Finance Corporation Ltd on Wednesday listed with a premium of nearly 26 per cent against the issue price of Rs 493.
The stock made its debut at Rs 612.70, rallying 24.27 per cent from the issue price on the BSE. It later climbed 26.77 per cent to Rs 625.
At the NSE, shares of the company listed at Rs 620, reflecting a jump of 25.76 per cent.
The company's market valuation stood at Rs 6,236.26 crore during the morning trade.
The initial public offer of the company received 36.62 times subscription on the last day of offer on Friday.
The initial share sale had a fresh issue of up to Rs 800 crore and an offer for sale (OFS) of up to Rs 400 crore.
The IPO had a price range of Rs 469-493 a share.
Proceeds of the fresh issue will be used to meet future capital requirements towards onward lending and for general corporate purposes.
India Shelter Finance, backed by Westbridge Capital and Nexus Venture Partners, is a retail-focused affordable housing finance company with an extensive distribution network and technology infrastructure.
The company's target segment is self-employed customers with a focus on first-time home loan takers in the low and middle-income groups in Tier-II and Tier-III cities in India.