The stock listed at Rs 103.25, up 1.22 per cent, as against the issue price on the BSE. It later touched a high of Rs 105, reflecting a gain of 2.94 per cent.
At the NSE, the stock opened at Rs 102.
The company's market valuation currently stands at Rs 5,883.95 crore.
The IPO of IRB InvIT Fund, the first in the InvIT space, was oversubscribed 8.57 times. The institutional investors category was oversubscribed 10.81 times and other investors 5.89 times.
The offer had a price band of Rs 100-102.
InvITs or infrastructure investment trusts are those debt instruments that will be traded in the market and can act as investment vehicles for sponsors.
The issue was open to bidding on May 3-5.