Shares of India's TVS Supply Chain Solutions trimmed early gains to trade 1.6% higher at 200.20 rupees in market debut on Wednesday, giving the company a valuation of 88.88 billion rupees ($1.07 billion).
The company, which provides logistics services and is a part of the TVS Mobility Group, had priced its initial public offer (IPO) at 197 rupees.
The shares climbed as much as 5.9% to 208.60 rupees before paring gains but have so far in the session stayed above the IPO price. The benchmark Nifty 50 index was down 0.12%.
TVS Supply Chain's 8.8 billion rupee-IPO comprised of a fresh issue of shares worth 6 billion rupees and an offer for sale of shares worth 2.8 billion rupees from existing stakeholders, according to its prospectus.
The company provides last-mile delivery, warehouse, logistics and freight management services to sectors like automotive, defense, e-commerce, healthcare and utilities.
The listing comes on the heels of a retreat in Indian stock benchmarks from record highs due to moderating foreign investor inflows, worries over U.S. Federal Reserve's interest rate hikes and China's flagging recovery.
