NEW DELHI: RBL Bank shares have made a spectacular debut on the bourses, surging nearly 22 per cent against the issue price of Rs 225.

The stock listed at Rs 273.70, reflecting a gain of 21.64 per cent over the issue price on BSE. It later touched a high of Rs 305, up 35.55 per cent.

On NSE, shares of the company debuted at Rs 274.20, rising 21.86 per cent. The company’s market valuation currently stands at Rs 10,868.69 crore. The company’s IPO — the first by a private bank in a decade — was oversubscribed a staggering 69.62 times, with the qualified institutional buyers (QIBs) portion getting oversubscribed 85.08 times, non institutional investors chunk 198.06 times and retail investors portion 5.70 times, as per data available with the NSE. Price band for the IPO was fixed at Rs 224-225 per share, which was opened from August 19-23. The offer collected around Rs 60,000 crore. It attracted over 1.02 million applications. Yes Bankwas the last private lender to hit the capital markets in 2005. Taking into account state-run banks as well, Punjab and Sind Bank last went public six years ago in 2010. Kotak Mahindra Capital, Axis Capital, Citigroup, Morgan Stanley were the global merchant bankers for the deal while HDFC Bank, ICICI Securities, IDFC Securities, IIFL and SBI Caps were the lead managers for the local market.—PTI