India's Ujjivan Small Finance Bank Ltd. raised 63.94 billion rupees from an IPO ahead of its Dec. 12 listing on the Bombay Stock Exchange.

The bank sold 1,728,223,169 IPO shares at 37 rupees each, according to a Dec. 11 release.

Mint reported that the bank's IPO was 170 times oversubscribed. Ujjivan Small Finance Bank had filed for an IPO in August when it was looking to raise 12 billion rupees.

The company's shares closed 55.90 rupees on debut, up 51.08% from the IPO price.

As of Dec. 12, US$1 was equivalent to 70.64 Indian rupees.