What a debut! Shares of PNB Housing Finance surge 15% on debut trade

New Delhi: Shares of PNB Housing Finance ended with a sharp gain of almost 15 percent against the issue price of Rs 775 in its debut trade on Monday.

The stock settled at Rs 890.60, reflecting a steep gain of 14.91 percent from the issue price on BSE. During the day, it soared 16.50 percent to Rs 902.95.

On NSE, it jumped 14.98 percent to end at Rs 891.15.

In terms of volume, 64.25 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.

The company's market valuation stands at Rs 14,752.10 crore.

Its Rs 3,000-crore IPO was oversubscribed 29.55 times during October 25-27. The company had fixed the price band at Rs 750-775 per share for the offer.

Kotak Mahindra Capital Company, DSP Merrill Lynch, JM Financial Institutional Securities, J P Morgan and Morgan Stanley were the global coordinators and book running lead managers for the issue.

PNB Housing Finance was the 23rd company to hit the market with an IPO this year.