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PNB Housing Finance jumps on debut after $450 million IPO
November 7, 2016 / 5:27 AM / 10 months ago

PNB Housing Finance jumps on debut after $450 million IPO

A gardener waters a lawn in front of an advertisement for India's PNB Housing Finance Ltd. initial public offering (IPO) in Mumbai, India, October 25, 2016. REUTERS/Shailesh Andrade/Files

MUMBAI (Reuters) - Shares in PNB Housing Finance Ltd rose as much as 16.1 percent on their market debut on Monday after the company’s $450 million initial public offering.

The stock opened at 860 rupees on the National Stock Exchange, and rose to a high of 900 rupees as of 0434 GMT, compared with the IPO issue price of 775 rupees.

PNB Housing Finance’s IPO was India’s second-largest this year.

($1 = 66.6999 Indian rupees)

Reporting by Devidutta Tripathy and Swati Bhat; Editing by Gopakumar Warrier

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