HDFC Asset Management $408 million IPO surges on debut

(Reuters) - HDFC Asset Management Co Ltd's shares surged as much as 67 percent on their market debut on Monday, following an initial public offering of 28 billion rupees ($408.10 million).

Shares rose to a high of 1,835 rupees earlier and were 64 percent higher at 1,802 rupees as of 0440 GMT, way past the IPO issue price of 1,100 rupees.

HDFC Asset Management is the second mutual fund manager to be listed on Indian bourses after Reliance Nippon Life Asset Management Ltd last year.

The company's IPO was subscribed 83 times last month.

($1 = 68.6100 Indian rupees)

(Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu)