Stock lists 114 higher, ends nearly 136 higher
Home loan financier valued at 16 bln vs 7 bln IPO value
Analysts caution about high valuations
Shares of rival home loan companies drop 2 to 7

BENGALURU, Sept 16 Reuters Bajaj Housing Finance39;s shares more than doubled in their trading debut on Monday, making it the fourthbest major listing in a redhot Indian IPO market this year and valuing the company at 16 billion, nearly triple the nextbiggest rival.

The blockbuster listing follows strong demand for its 782 million initial public offering India39;s largest and most heavily subscribed in 2024 due to booming demand for costlier homes, its link to the storied Bajaj group and relatively better financials than peers, including industrylow bad loans.

Bajaj Housing listed at 150 rupees a share, 114 above the 70 rupeeissue price, the fourthhighest listing gains among mainboard trading debuts this year.

The stock ended up 135.7 at an exchangeimposed maximum of 165 rupees, valuing it at 1.37 trillion rupees, or 16.33 billion. The next biggest home financier is HUDCO at 6 billion.

The surge in Bajaj Housing39;s shares and comes with the broader market near alltime highs, driven predominantly by domestic investors39; appetite.

While the appetite for IPOs has been healthy 235 firms have raised more than 8.5 billion so far this year, already surpassing the whole of 2023 holding the listingday gains is not necessarily a given.

For instance, only two of the three stocks…