(Reuters) – Shares of Indian budget retailer Vishal Mega Mart surged 33.3% in pre-open debut trade on Wednesday, as investors bet on the company’s growth avenues and resilience to challenges faced by larger rivals.
The stock listed at 104 rupees on the National Stock Exchange, compared with its offer price of 78 rupees.
The $943 million IPO drew bids worth $19 billion last week, and was subscribed 27 times. Institutional investors, including the Singapore government and funds of JP Morgan and HSBC, were allotted shares worth about $283 million.
(Reporting by Kashish Tandon in Bengaluru; Editing by Varun H K)
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