New Delhi: Shares of HDFC Asset Management Company made a stellar debut at the bourses on Monday, surging 58 per cent against the issue price of Rs 1,100 per share.

The stock listed at Rs 1,739, registering a sharp gain of 58 per cent from the issue price on BSE. Later, the stock was trading at Rs 1,806.10, rising sharply by 64.19 per cent. On NSE, shares of the company opened at Rs 1,726.25, zooming 56.93 per cent.

The company's market valuation stood at Rs 38,316.98 crore on BSE. In terms of equity volume, 23 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during morning trade.

HDFC AMC's Rs 2,800-crore initial public offer was open during July 25-27. Price band for the offer was fixed at Rs 1,095-1,100 per share.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments. It is the second asset management company (AMC) to hit the market after Reliance Nippon Life AMC, which had raised Rs 1,542 crore last year.

HDFC AMC has total assets under management of over Rs 3 lakh crore as of March-end this year.