Shares of Indian Renewable Energy Development Agency (IREDA) surged as much as 74% in their trading debut on Wednesday, valuing the state-owned firm at 149.71 billion rupees ($1.80 billion).
The stock, which listed at 50 rupees, climbed to a high of 55.70 rupees, and has so far in the session stayed above its initial public offer (IPO) price of 32 rupees.
Last week, the company - a non-banking lender that finances renewable energy projects such as solar, hydro power, and biofuel - received robust interest for its IPO, which was oversubscribed 38.8 times.
Investors bid for about 18.3 billion shares worth 584.72 billion rupees, according to exchange data.
The 21.50 billion-rupee IPO had a fresh issue of shares worth up to 12.9 billion rupees, while the government sold shares worth up to 8.6 billion rupees.
India has had a record 196 IPOs so far this year, during which the stock market has scaled all-time highs as the country's economic growth prospects and a vast consumer base make it an attractive investment destination.
However, companies going public have had a mixed response, with some tepid debuts being attributed to market conditions, valuation concerns, or worries about competition.
These 196 companies have raised about $5.97 billion, a 22.6% decline from the same period last year, according to data from LSEG.
IREDA's profit jumped 41.2% to 5.79 billion rupees in the half year ended Sept. 30, while its interest income climbed 49.1%.
The domestic equity market will see a flurry of debutantes this week, including Tata Motors -owned Tata Technologies, which will on Thursday mark the first listing from the Tata Group in nearly two decades.
