Ujjivan Small Finance Bank made a robust debut on the stock exchanges on Thursday as it listed with a premium of over 57 per cent over the issue price of Rs 37.

The scrip listed at Rs 58 on the exchange and later settled at Rs 55.90, a gain of 51 per cent over its issue price. Similarly, on the NSE, the scrip began at Rs 58.75 and hit an intra-day high of Rs 62.80. The stock finally settled at Rs 55.30, a gain of over 49 per cent to the issue price.

While 1.61 crore shares of the niche lender were traded on the BSE, around 25.14 crore shares were transacted on the NSE during the day. At the end of the trading session, the company’s market valuation stood at Rs 9,660.77 crore on the BSE.

The initial public offer (IPO) of the bank, which was open for subscription during December 2-4, was subscribed more than 170 times and came at a price band of Rs 36-37 per share.

It had witnessed a demand of over Rs 75,000 crore against the issue size of Rs 750 crore, the highest for an IPO this year.

Microfinance lender Ujjivan Financial Services is the holding company of Ujjivan Small Finance Bank.

The portfolio of Ujjivan Small Finance Bank is spread across 24 states and Union Territories as of March 31, 2019. As of June 30, the bank served 4.72 million customers and operated from 474 banking outlets that included 120 banking outlets in unbanked rural centres, of which seven were business correspondent centres, and additionally operated 50 “asset centres”. During 2018-19, the bank operationalised 287 banking outlets.

For the period ended September 30, the bank has a gross loan book of Rs 12,900 crore with micro financing forming over 79 per cent of the total advances. It has also diversified its loan book by venturing into affordable housing finance and MSME lending.