Reliance Nippon Life Asset Management Ltd saw a strong market debut on Monday, with shares surging as much as 18.65 percent, in the first ever listing by a mutual fund manager in the country.
The company's initial public offering to raise up to 15.42 billion rupees ($238.29 million) was subscribed over 81 times.
Shares in the company were trading at 285.65 rupees, up 13.35 percent by 0444 GMT in a weak Mumbai market that was down 0.23 percent.
Mutual funds have seen their assets under management surging to record highs this year helped by a bull market and shifting of physical assets to financial assets after India's surprise scrapping of high-value banknotes late last year.
Indian companies have seen a rise in demand for IPOs and look set to surpass the record $8.65 billion raised in 2007.