Suryoday Small Finance Bank shares opened 4% lower from the issue price.Suryoday Small Finance Bank shares made a weak stock market debut on Friday.

The stock opened for trading at a discount of 4.26 per cent at Rs 292 against its issue price of Rs 305 per share.

The stock fell as much as 6.5 per cent, from the issue price, to hit an intraday low of Rs 285.Suryoday Small Finance Bank's Rs 582.33-crore initial public offer (IPO), which was open for bidding between March 17-19, was subscribed 2.37 times.

The IPO comprised of fresh issue of 81.50 lakh shares and an offer-for-sale (OFS) of up to 1.09 crore equity shares.Suryoday Small Finance Bank was founded by Baskar Babu Ramachandran.

It has a presence in 12 states and union territories across the country.Ujjivan Small Finance Bank, CreditAccess Grameen, Bandhan Bank and AU Small Finance Bank are some listed peers of Suryoday Small Finance Bank.As of 10:30 am, Suryoday Small Finance Bank shares traded 3 per cent lower at Rs 284 from its opening price and were down 7 per cent from the issue price of Rs 305.