Mumbai: Shares of Central Depository Services (India) Ltd (CDSL) surged 122.25% from the issue price of Rs149 per share in a week after its market debut on 30 June.

CDSL shares rose more than 17% intraday on Friday, closing at Rs331.15 on the National Stock Exchange (NSE). The benchmark Sensex index was up 1.42% while the Nifty gained 1.52% from 30 June to 7 July.

During the week, CDSL’s market value rose by Rs726.80 crore to Rs3460.52 crore, from Rs2733.72 crore on the day of listing.

CDSL, which listed on NSE, saw listing gains of around 75% after opening at Rs250, a 68% premium over its issue price. The Rs524 crore initial public offering (IPO), which was open between 19 and 21 June, was subscribed a staggering 170.16 times.

CDSL’s stellar performance beats a bumper rally in Avenue Supermarts Ltd which listed on 21 March. Shares of maverick investor Radhakishan Damani-promoted Avenue Supermarts, operator of supermarket chain D-Mart, have surged around 200% since the day of listing.

Within a week of listing, the Avenue Supermarts stock had jumped 106.25%. The stock touched a record high on Friday at Rs910 per share. In terms of market capitalization, the company is among the 50 most valued companies on the BSE.

According to BSE data, Avenue Supermart with a market value of Rs55,961.66 crore, holds 48th position, ahead of Tata Steel Ltd and Cadila Healthcare Ltd.

CDSL is one of India’s two depositories—the other is National Securities Depository Ltd—which hold securities in the electronic form.

Ahead of its IPO, analysts had said the CDSL issue was attractive due to its strong parentage, stable earnings growth, strong margins and decent return on equity of 17% in 2016-17.

According to Motilal Oswal Securities Ltd, a key positive of CDSL is that it has controlled operating expenses in the last three years, triggering a significant margin expansion of 1,150 basis points to 54% in 2016-17 from 2014-15.

CDSL’s revenue grew 17.8% to Rs146 crore over 2014-15 to 2016-17 while net profit over the same period grew 24.8% to Rs87 crore. The debt-free company had cash and investments of Rs551 crore as on March 2017.

The number of CDSL demat accounts have grown at a compound annual growth rate of 8.6% over FY2011-17 to 12.3 million, compared to rival NSDL’s 5.1% over the same period to 15.6 million. While CDSL has an overall market share of 43% in cumulative demat accounts, on the incremental accounts opened, it had a market share of 59% in fiscal year 2017.

The depository has gained market share with higher growth in incremental beneficial owner (BO) accounts over the last three years to 44% in fiscal year 2016-17 from 40% in fiscal year 2013-14.

Parent BSE Ltd, State Bank of India (SBI), Bank of Baroda and The Calcutta Stock Exchange sold around 3.51 crore shares in the public offering. CDSL will not receive any proceeds from the offer.