LG Electronics India's market cap surpassed that of its parent company after the subsidiary's shares surged over 45% on market debut Tuesday.

The Indian unit's market cap stood at 1.14 trillion rupees ($12.83 billion) as of 11.15 a.m. local time (1.45 a.m. ET), while its parent company's valuation was 13.84 trillion Korean won ($9.68 billion).

The company's shares surged as much as 50% on open, after its initial public offering saw the strongest demand for an Indian IPO since 2008, led by institutional investors. Shares were last trading 45% higher.

The IPO was priced at the top end of the 1,080 rupee to 1,140 rupee apiece band, fetching 116 billion rupees ($1.3 billion), and was oversubscribed more than 54 times, attracting bids worth about 4.4 trillion rupees or nearly $50 billion, e

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