The company's shares surged to as much as 161 rupees apiece, jumping about 130% from the top end of its IPO pricing of 70 rupees.

Bajaj Housing Finance's shares more than doubled in their trading debut on Monday, making it the fourth-best major listing in a red-hot Indian IPO market this year and valuing the company at $16 billion,

Bajaj Finance, India’s largest non-bank lender, floated its housing finance arm in the country’s biggest initial public offering so far this year, drawing strong investor interest due to buoyant property and equity markets.