Shares in Oil India Ltd rose as much as 7.1 per cent on debut early on Wednesday after the state explorer's heavily subscribed $570 million IPO.

At 0427 GMT, shares in the oil and gas explorer were up 5.7 per cent at Rs 1,110.10.

The company's initial public offering -- the second by a state firm this year -- was subscribed nearly 31 times and was priced at Rs 1,050 per share, the top end of the indicated band.

The stock touched a high of Rs 1,125 after having opened at Rs 1,105. India's benchmark BSE index was up 0.3 per cent.

The listing comes after private utility Adani Power and state hydropower producer NHPC, which had together raised $1.9 billion, made shaky market debuts and tempered expectations for other IPOs.

Indian firms have raised $15 billion in share sales so far this year, surpassing 2008 volumes, helped by a 75 per cent rally in the BSE index since the start of January.

JM Financial, Morgan Stanley India, Citigroup Global Markets India and HSBC Securities and Capital Markets were the lead managers to the Oil India issue.