PNB Housing Finance jumps on debut after $450 million IPO

MUMBAI (Reuters) - Shares in PNB Housing Finance Ltd rose as much as 16.1 percent on their market debut on Monday after the company's $450 million initial public offering.

The stock opened at 860 rupees on the National Stock Exchange, and rose to a high of 900 rupees as of 0434 GMT, compared with the IPO issue price of 775 rupees.

PNB Housing Finance's IPO was India's second-largest this year.

($1 = 66.6999 Indian rupees)

(Reporting by Devidutta Tripathy and Swati Bhat; Editing by Gopakumar Warrier)