Mumbai: British bank Standard Chartered’s Indian depositary receipts opened at Rs105 in their market debut on Friday.
At 9:02 am, the IDRs, the first of such issue in Asia’s third-largest economy, were trading at Rs104.40, compared with its issue price of 104 rupees a share.
The main Mumbai market was up about 1%.
StanChart, which raised about $530 million after pricing its IDRs towards the lower end of an indicated range, has said the offering was aimed more at building its brand and presence in its second-largest market by profit than about raising funds.
Every 10 IDRs represent one share of Standard Chartered Plc.