IT firm Persistent Systems today listed with a premium of 29 per cent at Rs 400 on the Bombay Stock Exchange.

The scrip opened at Rs 400 and rallied Rs 138 a share, or 44.52 per cent, to a high of Rs 448 in the morning trade on the BSE.

On the National Stock Exchange the scrip listed 16.65 per cent higher at Rs 361.60. It touched a high of Rs 447.30, up 44.29 per cent over the issue price.

The company today listed four crore shares at an issue price of Rs 310 on the two bourses.

On the volume front, over one crore shares changed hands on the two bourses within the first hour of trade.

The Pune-based company, which is engaged in niche offshore software product development services, had raised about Rs 168 crore from

the capital markets last month through an initial public offer (IPO).

The issue was priced in a band of Rs 290-310 and was oversubscribed 93.6 times at the end of final day.

The company would utilise the IPO proceeds for expanding it's development facilities, procuring hardware and to capitalise its subsidiaries