Shares of Indian whisky maker Allied Blenders and Distillers rose 10.7% in debut trade on Tuesday, valuing the company - which makes the 'Officer's Choice' and 'Sterling Reserve' brands of whiskies - at 75.87 billion rupees ($908.3 million).
The stock listed 13.6% higher at 320 rupees on the National Stock Exchange, compared with its offer price of 281 rupees, before surrendering some gains. The benchmark Nifty 50 was flat.
India's $33 billion spirits market is crowded, currently dominated by Diageo-owned United Spirits and France's Pernod Ricard, which makes the popular 'Chivas Regal' whisky.
United Spirits, which makes the 'Johnnie Walker' brand of whisky, is the larger rival, valued at $11 billion.
Allied Blenders' initial public offering, at 23 times the shares on offer, was significantly lower than recent IPOs in June which were oversubscribed by around a hundred times.
The absence of big names as part of anchor investors in the offering and stretched valuations were among the reasons for a subdued response to the company's IPO, said Kranthi Bathini, director of equity strategy at Wealthmills.