IT company Persistent Systems performed impressively on its debut on the Bombay Stock Exchange on Tuesday. The scrip, which came to market with an issue price of Rs. 310 a share, not only opened at Rs. 400, but also rallied to Rs. 448 offering 44.52 per cent return on listing in the morning trades.

On the other hand, the scrip though received lesser euphoria as compared to the BSE and opened at a premium of 16.65 per cent at Rs. 361.60 per share, soon it generated momentum and climbed up to Rs. 447.30 to match the BSE price.

Persistent has entered both the Indian big ticket stock exchanges with a volume of 40 million shares.

The momentum was good for the company since it the day it opened its public offer for subscription with a price band of Rs. 290-310 per share. It was nearly 94 times oversubscribed. However, a big lot of the investors decided to book profit accrued to them on listing as nearly 10 million shares of the Pune-based niche software development company changed hands within the very first hour of the day's trade.

Last month, the company had raised nearly Rs. 1,680 million through this initial public offer (IPO).