Clay Craft India shares opened at ₹211 on the NSE SME platform on Wednesday, marking a 4% premium over the ₹203 issue price.
The stock quickly climbed to hit its upper price band of ₹221.55, representing a gain of more than 9% from the issue price.
The listing reflects continued investor interest in the Indian small-cap segment, where demand often outstrips supply for new issues.
The immediate move to the upper circuit suggests strong buying pressure from retail and institutional participants alike.
This debut adds to a busy period for Indian IPOs, with other companies such as CSM Technologies also preparing for public market debuts.
CSM Technologies recently opened its ₹146 crore issue to public subscription, scheduled to list on the Bombay Stock Exchange and National Stock Exchange in early July.