Mumbai: The initial public offering (IPO) of HDFC Asset Management Company Ltd was subscribed more than 83 times after the last day of bidding on Friday.

Data from the National Stock Exchange (NSE) till 8:30pm showed the issue receiving bids for 156 crore shares against the total issue size of 1.8 crore shares.

The IPO had been offered at a price band of Rs 1095-1100 per share. At the upper end, the offering is expected to raise Rs 2,800 crore. The issue had earlier gathered Rs 732 crore from anchor investors.

Sources said the category set aside for qualified institutional buyers (QIBs) was subscribed 192.26 times, non institutional investors 195.15 times and retail investors 6.61 times. The focus will now shift to its listing. Reportedly, the grey market premium is around Rs 530 a share.

Incidentally, the IPO came at a time the secondary markets are at record highs, thus fuelling expectations of good gains post listing.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.

It has total assets under management of over Rs 3 lakh crore at the end of March 2018. It will be the second fund house to be listed after Reliance Nippon Life Asset Management

Brokerages have asked investors to subscribe to the issue because of the strong potential of mutual fund industry, given its low penetration.

Asit C. Mehta, a broking firm, has asked investors to subscribe to the issue for the long term. HDFC AMC has over the last six years seen its assets rising at a compounded annual growth rate of over 25 per cent.

As of March 31, 2018, the fund house offered 133 schemes that included 27 equity-oriented schemes and 98 debt schemes among others.