RBL Bank surges 25% on market debut after $182 million IPO

Private-sector lender RBL Bank gained as much as 25.5 % in its market debut on Wednesday, after the lender`s initial public offering of shares raised $182 million in the nation`s first bank IPO in six years.

Shares in RBL Bank were trading at Rs 281.30 by 0431 GMT, compared with the IPO price of 225 rupees. The stock hit a high of Rs 282.40.

The lender raised Rs 8.33 billion ($124 million) in the IPO to boost its capital, while some of its shareholders pared their holdings to raise about Rs 3.8 billion. 

The IPO had been subscribed nearly 70 times.

($1 = 67.0500 Indian rupees)

(Reporting by Devidutta Tripathy and Arnab Paul; Editing by Sherry Jacob-Phillips)