Tech Mahindra debuted on the stock market with a sharp rally of over 51 per cent on Monday.

Shares of Tech Mahindra, an IT solutions joint venture between M&M and British Telecom, soared 51.4 per cent to close at Rs 552.80 in its debut trade after listing with a huge premium of 44 per cent at Rs 525 per share on the Bombay Stock Exchange.

The company barged into the country’s top-100 market cap league, while making its shareholders richer by about Rs 2,176 crore on the very first day of its publicly-listed history.

The stock soared to an intra-day high of Rs 569 on the BSE after listing at a price of Rs 525 per share. It had hit a low of Rs 523 early in the morning trade.

The company’s market capitalisation surged to over Rs 6,400 crore at the end of the day’s trading as against its market cap of Rs 4,230 crore based on the issue price of Rs 365 per share.

Tech Mahindra’s listing with a huge premium comes in sharp contrast to another recent listing by GMR Infrastructure, which has ended on a flat note on the first day of trading. GMR and Tech Mahindra issues had closed on the same day, August 4 with both receiving significant oversubscription from the institutional investors.