Mumbai: Initial public offer of mobile service provider Spice Communications got subscribed over 30 times on 27 June, its last day of offer.
The IPO received 346.94 crore bids for its offer of 11.3 crore equity shares, latest data available on the stock exchanges show.
The IPO would close for subscription at the end of working hours on 27 June.
On 26 June, the QIB portion of the issue had received subscriptions of more than five times of the reserved shares for the category with major demand coming from the Foreign Institutional Investors.
Spice Communications expects to raise up to Rs520 crore through its maiden public offering with a price band of Rs41-46 per share.
The company is expected to use a major portion of its IPO proceeds to get national (NLD) and international long distance (ILD) licences. Spice Communications, in which Telekom Malaysia holds 49%, has received a non-exclusive letter of intent for providing STD and ISD services.
A major portion of the issue proceeds would also be used for repayment of debt and payment to vendors for network equipment.