Hair oil producer Bajaj Corp today listed at Rs 730 on the Bombay Stock Exchange, reflecting a gain of 10.60 per cent over the issue price.
Within minutes of the trade, the scrip soared 23 per cent to touch an early high of Rs 812 against the issue price of Rs 660 a share.
"The mood in the market is on a roar with the healthy listing of SKS Microfinance, Engineers India Ltd. Moreover, the company had received robust response from investors during its IPO, reflecting huge investor confidence," SMC Capitals Equity Head Jagannadham Thunuguntla said.
The company made a smart debut on the National Stock Exchange as well opening with a premium of over 15 per cent at Rs 760. It was later trading up 18.40 per cent at Rs 781.45.
In terms of volume, a total of over 22 lakh shares of Bajaj Corp were traded on the two bourses in early trade.
The company had entered the capital market on August 2 with a Rs 297-crore initial public offer.
The public issue was priced in the range of Rs 630-660 a share.
During the IPO it received huge participation from investors, including retail and high net worth individuals.
Meanwhile, the broader market Sensex was trading up 63.60 points at 18,109.09.
Bajaj Corp is the second largest company in the Shishir Bajaj Group of companies. The company manufactures and markets five major brands.