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BENGALURU  - Shares in Indian paint maker Indigo Paints Ltd soared 84% in their market debut on Tuesday after a bumper subscription for its $160 million IPO last month, boosted by market euphoria following the federal budget.

Indigo Paints opened at 2,607.5 rupees ($35.71), a 75% premium to its issue price of 1,490 rupees.

Investors bid for 117 times the shares on offer in the company's initial public offering last month, stock exchange data showed, highlighting investor confidence in a recovery in the sector as the economy returns to normalcy from the COVID-19 pandemic.

($1 = 73.0170 Indian rupees)

(Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich)