Shares of Anand Rathi Share and Stock Brokers Ltd (ARSSBL) rose as much as 5.5% to Rs 774 apiece on November 17.
This is 10th straight session of gains for the stock, adding 52% in the period.
ARSSBL shares soared 87% since market debut on September 30.
At 2:30 pm on November 17, ARSSBL shares were trading 4.5% higher at Rs 766.6 apiece.
Analysts highlighted the firm's steady growth in revenue, profit and client base as key strengths, but cautioned that it faced stiff competition in India's crowded broking industry, reported Reuters.
The initial public offering (IPO) of Anand Rathi Group's brokerage arm, Anand Rathi Share and Stock Brokers Ltd, fetched 20.66 times subscription on the final day of bidding on Thursday last week.
The Rs 745-crore IPO had a price band of Rs 393-414 per share.
The broking firm's IPO was entirely a fresh issuance of shares with no offer for sale (OFS) component.
Proceeds of the IPO to the tune of Rs 550 crore would be allocated to fund the company's long-term working capital requirements, and a portion would be used for general corporate purposes, it said.
Anand Rathi Share and Stock Brokers Ltd provides a wide range of financial services, including broking, margin trading, and distribution of financial products, under the brand name 'Anand Rathi'.
Catering to a diverse clientele, the company serves retail investors, high-net-worth individuals (HNIs), ultra-HNIs, and institutional clients.
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