Meanwhile, the S&P BSE Sensex rose 184.84 points or 0.68% to settle at 27,458.99.

On BSE, 64.25 lakh shares were traded in the counter. The stock made its debut on the bourses at Rs 863, a premium of 11.35% over its initial public offer (IPO) of Rs 775 per share. The stock hit a high of Rs 902.95 and a low of Rs 860.05 in intraday trade.

The IPO of PNB Housing Finance saw strong response from investors. The IPO was subscribed 29.55 times. The issue price was fixed at top end of the price band of Rs 750 to Rs 775 per share.

PNB Housing Finance is the fifth largest housing finance company (HFC) in India by the size of loan portfolio. The company offers housing loans as well as non-housing loans such as loans against property (LAP), non-residential premises loans (NRPL), lease rental discounting (LRD), and corporate term loans (CTL).

PNB Housing Finance reported a profit after tax (PAT) of Rs 327.57 crore on income from operations of Rs 2699.54 crore in the financial year ended March 2016.