New Delhi: The initial public offering (IPO) of textbook publisher S.Chand and Co. saw solid investor demand as it was subscribed 59.44 times on the last day of offer on Friday.

The IPO to raise Rs728.5 crore, received bids for 45,68,35,434 shares against the total issue size of 76,85,284 shares, data available with the NSE till 1945 hours showed.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 44.27 times and non institutional investors, a staggering 204.65 times, people with the knowledge said. Retail investors category was also oversubscribed 5.91 times.

Last month, the IPO of Avenue Supermarts, the operator of retail chain D-Mart was subscribed by a staggering 104.48 times.

S.Chand had raised nearly Rs219 crore from anchor investors on Tuesday.

Priced between Rs660 and Rs670 apiece, the S Chand IPO comprises new shares worth Rs325 crore and an offer for sale of 6.02 million shares by existing shareholders. At the upper end of the price band, the IPO is expected to raise Rs728.55 crore.

Proceeds from the issue will be utilised for repayment and prepayment of loans as well as for general corporate purposes. The loan amount includes those taken by its subsidiary for funding the acquisition of Chhaya Prakashani. JM Financial Institutional Securities, Axis Capital and Credit Suisse Securities (India) Pvt are the merchant bankers to the offer.

Last year, the company had acquired 74% of the outstanding share capital of Chhaya Prakashani Pvt. The company offers 53 consumer brands across knowledge products and services, including S. Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor.