May 19, 2017 / 7:18 AM / 3 months ago

HUDCO shares surge 29 percent on trading debut

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, February 26, 2016.Shailesh Andrade/Files

MUMBAI (Reuters) - Shares in India's state-run Housing and Urban Development Corp Ltd (HUDCO) rose as much as 28.9 percent on its market debut on Friday, after a strong response to the company's 12.2 billion-rupee ($188 million) initial public offering.

Shares in the housing and urban infrastructure projects lender were trading 26.7 percent higher at 76 rupees by 0433 GMT, compared with the IPO issue price of 60 rupees.

The IPO, first by a state-run company in five years, had been subscribed about 80 times.

($1 = 64.8000 rupees)

Reporting by Swati Bhat; Editing by Devidutta Tripathy

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