Indo-MIM Limited shares opened at ₹700 on the National Stock Exchange of India on Thursday, marking a 44.33% premium to the IPO issue price of ₹485.
The listing price signals strong initial demand for the consumer finance joint venture, which concluded a ₹3,811 crore ($450 million) initial public offering earlier this week.
The stock also debuted on the Bombay Stock Exchange, where it traded at a similar premium.
The listing caps a subscription process that saw the offering oversubscribed 72.37 times, with particularly strong participation from institutional investors.
The high subscription multiple underscores market confidence in the company’s growth trajectory and the strategic backing of its parent entities.
Indo-MIM is a joint venture between HDFC Bank and Mitsubishi UFJ Financial Group, combining the domestic retail banking expertise of HDFC with the international reach of MUFG.