Mumbai: The initial public offering of Central Depository Services (India) Ltd (CDSL) on Wednesday witnessed a subscription frenzy from public market investors, leading to the issue being subscribed 169.45 times, according to data from the stock exchanges.

As of 6 pm, the portion of shares reserved for institutional investors was subscribed 148.71 times, while the portions reserved for high net-worth individuals and retail investors were subscribed 563 and 22.38 times, respectively.

Wednesday was the last day of the offering. CDSL had priced its shares in a band of Rs145-149. The IPO, a pure offer for sale, saw the company’s existing shareholders—stock exchange BSE India Ltd, the country’s largest lender State Bank of India Ltd (SBI), Bank of Baroda Ltd and The Calcutta Stock Exchange—sell around 35.16 million shares.

At the upper end of the price band, the share sale will fetch these shareholders a total of Rs524 crore. The company is not raising any capital to invest in its business activities.

BSE, which is selling 27.2 million shares in the IPO, will receive Rs405.5 crore (at the upper end of the price band), while other sellers such as SBI, Bank of Baroda and The Calcutta Stock Exchange will make Rs71.1 crore, Rs32.3 crore and Rs14.9 crore, respectively.

Collectively, these selling shareholders own a 65.65% stake in CDSL. BSE, which owns a 50.05% stake in the company, will see its stake fall to 24% after the offering. SBI’s stake will drop to 5%.

CDSL serves customers such as depository participants, companies, capital market intermediaries and insurance companies.

Also on Wednesday, the initial share sale of cable TV and broadband services provider GTPL Hathway Ltd saw a subscription of 27% on the first of the public offering.

As of 5 pm, the portion of shares reserved for institutional investors was subscribed 69%, while the portions reserved for high net-worth individuals and retail investors saw 0% and 15% subscriptions, respectively.

The company has set a price band of Rs167-170 per share for the initial share sale. The offer closes on 23 June.

The IPO will see the company raise Rs240 crore through a fresh issue of shares and a secondary share sale comprising of 14.4 million shares by the promoter group. At the upper end of the price band, the secondary share sale will fetch the promoter group Rs244.8 crore.

GTPL Hathway will use the proceeds from the IPO to reduce debt.

The month of June has seen two other IPOs hit the market -- from telecom equipment maker Tejas Networks Ltd and pharma firm Eris Lifesciences Ltd -- which were subscribed 1.88 times and 3.29 times, respectively. Tejas raised Rs776 crore through its initial share sale, while Eris Lifesciences raised Rs1,741 crore.

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