The Nifty opened higher on Friday on strong global cues.
The lender became the fourth small finance bank to be listed after AU Small Finance Bank, Equitas Small Finance Bank and Ujjivan Small Finance Bank.
Suryoday’s Rs 582 crore initial public offer (IPO) was 2.37 per cent oversubscribed after tepid initial response.
The IPO included a primary issue of shares worth Rs 249 crore and an offer for sale worth Rs 333 crore. Some existing investors such as International Finance Corporation and HDFC Holdings are looking to partly offload their stakes through this exercise.
The bank had also raised Rs 172 crore in a pre-IPO placement to SBI Life Insurance and mutual funds of Axis Asset Management Company.