The initial share sale of supply chain company Delhivery was subscribed 23 per cent on the second day of the offer on Thursday.
The IPO received bids for 1,45,01,730 shares against 6,25,41,023 shares on offer, according to NSE data.
The portion reserved for retail individual investors (RIIs) received 40 per cent subscriptions while qualified institutional buyers' segment (QIBs) got 29 per cent subscriptions and non-institutional investors 1 per cent.
The company's Rs 5,235-crore public issue comprises a fresh issue of up to Rs 4,000 crore and an offer for sale of up to Rs 1,235 crore.
Under the OFS, investors Carlyle Group and SoftBank as well as Delhivery's co-founders will divest their shareholding in the logistics company.
The price range for the offer is Rs 462-487 per share.
On Tuesday, Delhivery raised Rs 2,347 crore from anchor investors.
Proceeds of the fresh issue will be used towards funding organic growth initiatives, funding inorganic growth through acquisitions and other strategic initiatives, and for general corporate purposes.
Delhivery provides a full range of logistics services, including express parcel delivery, heavy goods delivery, and warehousing.
The equity shares of the supply chain company will list on BSE and NSE.
Morgan Stanley India Company, Kotak Mahindra Capital Company, BofA Securities India, and Citigroup Global Markets India are the managers of the offer.