PTI

Mumbai: The initial public offer (IPO) of Religare Enterprises, a financial services provider led by promoters of Ranbaxy Laboratories, got subscribed over 61 times till noon on 1 November.

The IPO received bids for 46.66 crore shares against 75.76 lakh equity shares on offer, data available on the stock exchanges show.

The company had fixed the price band at Rs 160-185 for the issue which will close on 1 November.

Till 31 October, the portion of issue reserved for the Qualified Institutional Buyers was subscribed by over 46.23 times, while that of retail investors got subscribed nearly 13.38 times.

The funds raised through IPO would be invested for expansion of domestic operations and branch network, the company said.

Religare Enterprises is a holding company of 11 subsidiaries, engaged in offering financial services targeted at retail, high net worth individuals besides corporate and institutional clients.

The company recently sold 5% stake to Indopark Holdings, a subsidiary of Merrill Lynch for Rs60.6 crore.