DLF, an Indian property firm, defied fears of an overheating real estate market after the institutional tranche of its $2.4bn (€1.8bn) float, was oversubscribed within an hour of listing.

The institutional portion of the initial public offering was covered before the float opened this morning, but the issue, which sees 175 million shares offered at between $12.20 and $13.40 will run until Thursday.