MUMBAI (AFP) -- Shares of India's largest financier for the poor soared on their debut on the Mumbai stock exchange after the microlender raised 353 million dollars in an initial stock offer. Shares of Hyderabad-based SKS Microfinance jumped 17.7 percent to 1,159.9 rupees (25 dollars) within seconds of listing, well above their issue price of 985 rupees.

The shares retreated on profit taking but were still up 13.45 percent at 1,117.5 rupees by early afternoon.
SKS, which lends small sums to India's neediest who are unable to get credit from mainstream banks, is the country's first microfinancier to float and analysts say the move may encourage Indian rivals to seek their own listings.
“SKS can now access funds to aid financial inclusion … our mission is to expand 'arthic swaraj' (financial freedom) to those left behind,” founder and chairman Vikram Akula told reporters in Mumbai.
The company plans to use the money to fund expansion of its operations.
Just a handful of microlenders globally have listed their shares. In 2007, Mexican microlender Banco Compartamos -- which means “let's share” in Spanish -- listed on the stock market, making large sums for its founders and sparking a public debate about the ethics of making profits from the poor.