Mumbai: Shares of Amber Enterprises India Ltd surged more than 44% on their debut on Tuesday, after the company’s initial public offering (IPO) was subscribed more than 165 times last week.

The stock opened 37.37% higher on the BSE at Rs1,180 apiece, compared with the issue price of Rs859—the upper end of the price band of Rs855-859 per share.

The scrip closed at Rs1,237.25 on BSE, up 44.03% from its issue price. Earlier in the day, Amber shares touched a high of Rs1,263 and a low of Rs1,114.10. The Benchmark 30-share Sensex fell 0.69% to closed at 36,033.73 points.

The air conditioner maker raised Rs600 crore via the IPO which closed on 19 January. The IPO comprised a fresh issue of shares worth Rs475 crore and an offer for sale of shares by promoters Jasbir Singh and Daljit Singh.

Qualified institutional buyers subscribed 175.82 times, non-institutional investors 521.71 times and retail investors 11.42 times.

The firm raised around Rs178.71 crore on 16 January by selling shares to institutional investors as part of anchor book allocation.

The proceeds will be used for repayment of debt which stands at Rs400 crore and general corporate purposes.

In fiscal 2017, Amber posted a revenue of Rs1,652.2 crore, up from Rs1,092.1 crore in the previous year. It earned a profit of Rs27.8 crore, up from Rs24.1 crore the previous year.

Amber serves customers such as Daikin Industries Ltd, Hitachi Ltd, LG Electronics Inc., Panasonic Corp., Voltas Ltd and Whirlpool Corp.

Edelweiss Financial Services Ltd, IDFC Bank Ltd, SBI Capital Markets Ltd and BNP Paribas were the lead managers to the issue.