Bandhan Bank outpaces BoB, PNB on debut; stock gains 25% on issue price

The stellar show comes on the back of high demand for the bank's shares during its Rs 45-billion initial public offering (IPO)

Shares of Bandhan Bank gained 25 per cent in its debut trade on Tuesday, over the issue price of Rs 375. The stock closed at Rs 470, up Rs 95, or 25 per cent, over its issue price on the National Stock Exchange (NSE).

At the current market price, Bandhan Bank is valued at Rs 569 billion, making it the country’s eighth-most valuable lender. The bank is valued at nearly twice that of Bank of Baroda and Punjab National Bank — the second- and third-largest state-owned lenders.

Intra-day, Bandhan Bank’s scrip had touched a high of Rs 499 and a