Mumbai: Shares in Oil India Ltd rose as much as 7.1 percent on debut early on Wednesday after the state explorer`s heavily subscribed USD 570 million IPO.
At 0427 GMT, shares in the oil and gas explorer were up 5.7 percent at 1,110.10 rupees.
The company`s initial public offering -- the second by a state firm this year -- was subscribed nearly 31 times and was priced at 1,050 rupees per share, the top end of the indicated band.
The stock touched a high of 1,125 rupees after having opened at 1,105 rupees. India`s benchmark BSE index was up 0.3 percent.
The listing comes after private utility Adani Power and state hydropower producer NHPC, which had together raised USD 1.9 billion, made shaky market debuts and tempered expectations for other IPOs.
Indian firms have raised USD 15 billion in share sales so far this year, surpassing 2008 volumes, helped by a 75 percent rally in the BSE index since the start of January.
JM Financial, Morgan Stanley India, Citigroup Global Markets India and HSBC Securities and Capital Markets were the lead managers to the Oil India issue.