After witnessing unexpected subscription worth 750 crore initial public offer (IPO), scrips of Ujjivan Small Finance Bank made a strong debut on the BSE as well as on NSE with a premium of over 57 per cent against its issue price of Rs 37.

On the BSE, the scrip opened at Rs 58, a 57 per cent premium against its issue price of Rs 37 per share and at 1229 hours, the scrip on BSE was at Rs 54.85 per share.

On the NSE, it got listed at Rs 58.75 and traded at Rs 54.85 per share during the intraday trade.

The company’s market valuation stood at Rs 9,315.12 crore during early trade.

The IPO opened for subscription between December 2-4 and it was subscribed more than 165 times at a price band of Rs 36-37 per share, which was completed on Tuesday.

The category meant for qualified institutional buyers (QIBs) was subscribed 111 times, non-institutional investors (NIIs) category witnessed a subscription of 473 times, while the same for retail investors stood at over 49 times.

Kotak Mahindra Capital Company, IIFL Securities and JM Financial managed the IPO. Microfinance lender Ujjivan Financial Services is the holding company of Ujjivan Small Finance Bank and its shareholders received  Rs. 2 off on the IPO price band.

(With input from agencies)