Bombay Stock Exchange, Asia’s oldest bourse, on Monday launched an initial public offering (IPO) index to track the value of stocks for two years after listing.

The BSE said its IPO index will track companies which have a free-float market capitalisation of at least 1 billion rupees rupees ($21 million) on listing day.

The index started on Monday has 48 stocks. It will have at least 10 stocks at any point of time, with the maximum weighting for a stock capped at 20 percent, it said.

The base date of the index is May 3, 2004 and the base value was set at 1000 points, the BSE said.

The launch of the index comes as new share offerings are making a comeback in India after a gap of 18 months, helped by a stock market rally. The benchmark 30 share index has gained nearly 60 percent so far this year.

Power utilities Adani Power and NHPC Ltd have raised a combined $1.9 billion since late July in IPOs and Oil India is expected to launch a new share offering in September.

The BSE, founded in 1875, is launching new products to regain market share from the National Stock Exchange, which handles almost twice the volume and is the world’s largest single stock futures market.

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