The initial public offer of non-banking finance company Indostar Capital Finance Ltd was subscribed 41 per cent on the first day of the bidding, reported PTI.

The Rs 1,844-crore IPO received bids for 91,83,954 shares against the total issue size of 2,25,75,438 shares, data available with the NSE showed.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 1.29 times and retail investors 8 per cent.

The IPO is of fresh issue of up to Rs 700 crore and an offer for sale of up to 2 crore equity shares (including anchor portion of 9,671,328 equity shares).

The issue which opened for subscription today would close on May 11. The price band for the offer has been fixed at Rs 570-572 per share.

Indostar Capital Finance yesterday raised a little over Rs 553 crore from anchor investors.

Proceeds of the fresh issue will be used to augment capital base to meet future capital requirements.

JM Financial, Kotak Mahindra Capital Company, Morgan Stanley India Company, Motilal Oswal Investment Advisors and Nomura Financial Advisory and Securities (India) are managing the IPO.