Indian asset manager Canara Robeco's shares jumped 13% in their trading debut on the National Stock Exchange on Thursday, valuing the company at around 60 billion rupees ($681.42 million).
The Mumbai-based firm's stock rose to 302 rupees, above the 266 rupee issue price.
The listing follows its nearly $150 million IPO that was subscribed about 10-fold earlier this week.
It is a busy week for India's primary market, as the country's largest IPO of the year Tata Capital , and LG Electronics India also made their debut.
Canara Robeco's IPO was led by a strong demand from qualified institutional buyers, who subscribed 26-fold their reserved quota. In comparison, retail investors' portion was subscribed two-fold.
Brokerages PL Capital and InCred Equities are bullish on the asset manager's growth potential on the back of strong retail flows into mutual funds, a focus on active equity funds, and room for earnings growth.
PL Capital initiated coverage on the stock with a 'buy' rating and a price target of 320 rupees per share, an upside of 20.3% from the issue price.
Canara Robeco is the first public debut by an Indian asset manager this year, adding to the growing list of financial services firms tapping the capital markets. ICICI Prudential AMC is expected to later this year.
Canara Robeco, which is a joint venture between India's Canara Bank and the European arm of Japan's ORIX, is the smallest among its listed peers in terms of revenue, which include HDFC AMC, Nippon Life India AMC and UTI AMC.
Unlike its peers, the over-30-year-old asset management company's portfolio is largely focused on equities, with a predominantly retail investor base.
