Mumbai: The Rs543 crore initial public offering of footwear retailer Khadim India Ltd witnessed an overall subscription of 1.89 times on Monday, the final day of the offering.

The share sale opened on 2 November. On the second day of the IPO, on Friday, the issue had witnessed subscription of 45%.

As of 6pm on Monday, the portion of shares reserved for institutional investors was subscribed 2.45 times, while those set aside for retail investors and high net-worth individuals (HNI) were subscribed 2.3 times and 18%, respectively.

Khadim had set a price band of Rs745-750 per share for the IPO.

The share sale included the sale of new shares worth Rs50 crore. The proceeds will be used for prepayment or scheduled repayment of all or a portion of term loans and working capital facilities availed of by the company and to meet general corporate expenses.

Khadim competes with brands such as Bata India Ltd, Relaxo Footwears Ltd, Liberty Shoes Ltd, Mochi Shoes Ltd and Sree Leathers Pvt. Ltd.

In 2016-17, the company reported a revenue of Rs621.2 crore, up 16% from the previous fiscal. The company reported a profit of Rs30.8 crore in 2016-17, up 22% from a year earlier.

Promoter Siddhartha Roy Burman is selling 722,000 shares, which at the upper end of the price band will fetch Rs54 crore, while Fairwinds Private Equity (formerly Reliance Equity Advisors) is selling 5.85 million shares worth Rs438 crore. Fairwinds, which held 33% stake in Khadim before the IPO, invested Rs90 crore in 2013.

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