Earlier in the morning, the company got listed at a premium of 75 per cent over the issue price of Rs 185 a share on the bourses.
The scrip opened at Rs 323.75, witnessed an intra-day high of Rs 600 and low of Rs 323.75. A total of 1.11 crore shares changed hands at the BSE.
On the National Stock Exchange, the scrip opened at Rs 323.75, touched an intra-day high of Rs 601 and closed at Rs 522. A total of 1.60 crore shares exchanged hands at the exchange.
The company led by promoters of Ranbaxy Laboratories has issued 7.57 crore equity shares in its initial public offering at Rs 185 each. The IPO received overwhelming response from investors and was subscribed over 160 times.
Qualified Institutional Bidders portion was subscribed nearly 185 times, while retail investors bid for 93.5 times more shares reserved for them.
The funds raised through the offer would be utilised for expansion of domestic operations and branch network, the company had said.
Religare is a holding company of 11 subsidiaries engaged in offering financial services targeted at retail, high net worth individuals besides corporate and institutional clients.
The company recently sold five per cent stake to Indopark Holdings, a subsidiary of Merrill Lynch, for Rs 60.6 crore (Rs 606 million).