July 10, 2017 / 4:41 AM / a month ago

India's AU Small Finance Bank surges on trading debut after $296 million IPO

A man looks at a screen across the road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai February 6, 2014.Mansi Thapliyal/Files

MUMBAI (Reuters) - Shares in India's AU Small Finance Bank Ltd (AUFI.BO) jumped as much as 52 percent on their market debut after the lender's 19.13 billion-rupee ($296.4 million) initial public offering of shares.

The stock was trading at 526.05 rupees by 0430 GMT on the BSE stock exchange, compared with its IPO issue price of 358 rupees. It hit a high of 544 rupees in early deals.

Stock quotes on the National Stock Exchange were not updating on Monday due to a technical glitch.

The IPO had been subscribed 53.6 times, drawing strong interest from investors.

($1 = 64.5075 Indian rupees)

Reporting by Devidutta Tripathy and Swati Bhat; Editing by Amrutha Gayathri

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