India’s Bandhan Bank’s shares soar after $691 million IPO

India’s Bandhan Bank Ltd rose as much as a third on its trading debut on Tuesday after a $691 million initial public offering, a rare bright spot in a volatile market that has led to companies struggling to find takers for their share sales.

Bandhan’s IPO, the biggest for an Indian bank, had been subscribed nearly 15 times, mainly driven by strong demand from institutional investors.

By 0550 GMT, the shares were trading at 478.70 rupees, 27.7 percent higher than the IPO issue price of 375 rupees. The stock rose to a high of 499 rupees on the National Stock Exchange.

India’s IPO market saw a record $11 billion of fund-raising last year. Companies are in the process of raising a combined more than $2 billion in IPOs in March, but the weak response to some recent offering was seen as a setback.