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BSE shares jump 32.8% at market debut

BSE Ltd., formerly known as Bombay Stock Exchange Ltd., saw a 32.8% jump in its share price at the end of trading Feb. 3, its first day as a listed company.

Shares of BSE climbed as high as 1,200 Indian rupees through the day on rival National Stock Exchange of India before dipping to a low of 1,065.10 rupees and closing at 1,070.55 rupees. The issue price of BSE shares was 806 rupees per share.

BSE, Asia's oldest bourse, raised approximately US$184.5 million in an IPO that was oversubscribed 51 times, Reuters reported Feb. 3. More than 250 shareholders, including Singapore Exchange Ltd. and George Soros' Quantum, sold shares in the offering. BSE did not sell any of its shares in the IPO.

National Stock Exchange is also seeking to list its shares. The company filed for an IPO with India's securities regulator in late 2016 and is expected to raise as much as US$1 billion.

As of Feb. 2, US$1 was equivalent to 67.19 Indian rupees.