Mumbai: The initial public offering (IPO) of Aavas Financiers Ltd was close to fully subscribed on the last day, launched in a week that saw a meltdown in stocks of non-banking finance companies.

At a price band of 818-821, the share sale which aimed at raising up to 1,734 crore received 97% subscriptions (excluding the anchor portion) by 6pm, data from BSE and NSE showed.

“There has been a huge correction in NBFC space. There was hardly any interest from HNIs (high net worth individuals), and all this should reflect in the listing," said Arun Kejriwal, director of Kejriwal Research and Investment Services Pvt. Ltd.

Over the last week, Dewan Housing Finance Corp. Ltd, SREI Infrastructure Finance Ltd, Can Fin Homes Ltd and PNB Housing Finance Ltd, have lost 52.48%, 29.21%, 26% and 24.6% respectively.

“IPOs that are waiting to be launched will think twice before hitting the market," said Kejriwal.

Aavas, known previously as AU Housing Finance, was the mortgage lending business of Jaipur-based small finance bank AU Small Finance Bank Ltd. In February 2016, Partners Group and Kedaara Capital acquired the company for 900-1,000 crore.

Late on Wednesday, state-run Garden Reach Shipbuilders & Engineers Ltd said it has extended its IPO to 1 October which was supposed to end on Wednesday. The price band was also cut to 114 to 118 per equity share, from 115 to 118 earlier. The issue was subscribed 0.29 times at the end of Thursday.