On the Ljubljana Stock Exchange, it closed 10% higher at EUR 56.65, while at the London Stock Exchange, its global depositary receipts (GDRs) added roughly 11% to stabilise at around EUR 11.50 by late afternoon.

In Ljubljana, turnover reached EUR 2.9m; on a typical trading day, all deals combined remain below a million euros.

In London, volumes reached EUR 12m by around 3:30 PM.

Alta Invest analyst Matej Šimnic said the figures showed the stock has been well received.

"The price jump has for now offset the risk of the IPO buyers, while still not chasing away investors who missed the first opportunity to buy," he said.

He thinks the action in Ljubljana will be affected by the stock for a while "but then we can expect the [turnover] levels to calm down."

Šimnic said that future pricing would depend on the bank's performance and dividend policy as well as subsequent share sales by the state.

"Long-term valuations should not significantly deviate from comparable banks and both insurance companies in Ljubljana," he said.

The stock is seen as a boon for the Ljubljana Stock Exchange, which has been struggling with poor liquidity and just recently lost a blue chip, home appliances maker Gorenje.

NLB is not a part of the blue chip SBI TOP index yet but is expected to be listed in the index soon given its market capitalisation and liquidity.