New Delhi, Dec 7 (PTI) The initial share sale of Shalby Ltd, the Ahmedabad-based multi-specialty hospital chain, was subscribed 2.8 times on the last day of the bidding today, stock exchange data showed.

The IPO, which aims to raise Rs 504 crore, received bids for 4,08,66,300 shares against the total issue size of 1,45,21,686 shares – translating into 2.8 times subscription – data available with NSE till 2000 hours showed.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 4.47 times, high net-worth individuals 43 per cent, retail investors 2.97 times and employees 1.43 times, investment banking sources said.

The IPO received over 3 lakh applications, they added.

On Monday, Shalby had raised over Rs 150 crore from anchor investors.

The IPO comprised a fresh issue of shares aggregating up to Rs 480 crore and an offer for sale of up to 10 lakh equities.

The price band has been fixed at Rs 245-248. At the upper end, the public issue would fetch Rs 504 crore.

Proceeds of the IPO will be utilised towards repayment of borrowings by the company, besides purchase of medical equipment for the existing, recently set-up as well as upcoming hospitals.

In recent months, healthcare services firms like Alkem Laboratories, Dr Lal Pathlabs, Narayana Hrudayalaya, Thyrocare and Eris Lifesciences have tapped the primary market through the IPO route.

This is published unedited from the PTI feed.