Shares of HDFC Asset Management Company jumped 58 percent to Rs 1,739 in their market debut on Monday.

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The stock traded higher by over 4 percent at Rs 1810.15 on the BSE at 10.22 am. After listing at Rs 1726, it surged to Rs 1835 in the day.

The Rs 2,800 crore initial public offering (IPO) was sold between July 25 and 27, and was subscribed 83 times.

HDFC AMC, which operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments, has total assets under management of over Rs 3 lakh crore as of March-end.

It is the second asset management company to hit the market after Reliance Nippon Life AMC, which had raised Rs 1,542 crore last year.

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