British bank Standard Chartered's Indian depositary receipts traded near the offer price on their market debut on Friday but below their equivalent London close, in what was the first such share issue in Asia's third-largest economy.
At 9:37 a.m. (0407 GMT), the IDRs were trading at 104.9 rupees, compared with its issue price of 104 rupees a share, in a Mumbai market that had gained 0.84 per cent.
The IDRs opened at 105 rupees, rose as much as 2.9 per cent to 108 rupees and also slipped to as low as 100.60 rupees in early deals.
Standard Chartered's on Thursday closing price in London of 1,649 pence indicated a price of about 113 rupees per IDR at Friday morning's exchange rates, as 10 IDRs are equivalent to one London-listed share in StanChart.
StanChart, which raised about $530 million after pricing its IDRs towards the lower end of an indicated range, has said the offering was aimed more at building its brand and presence in its second-largest market by profit than about raising funds.
StanChart's profit in India rose by 19 per cent to $1.06 billion last year, contributing 21 per cent of group earnings and ranking India fractionally behind Hong Kong as its biggest profit contributor.
The largest international bank in India, where it has had a presence for 152 years, StanChart has 94 branches and 17,500 staff in the country. It is expanding across Asia after weathering the financial crisis better than many rivals.