MUMBAI: Shares of hair oil producer Bajaj Corp listed at 780 rupees on the BSE on Wednesday, 18.18 percent higher from its issue price of 660 rupees.

The firm raised 3 billion rupees via the initial public offering of 4.5 million shares, with the issue being covered 19.2 times.

Bajaj Corp, which is a unit of the Bajaj Group, which owns India's top sugar maker Bajaj Hindusthan plans to use the proceeds for product expansion and acquisitions.