MUMBAI An initial public offering (IPO) of shares in L&T Technology Services Ltd to raise as much as 8.94 billion rupees ($134 million) was subscribed 2.52 times as the sale closed on Thursday, stock exchange data showed.
The sale received 18.3 million bids for 7.3 million shares on offer, according to data from the National Stock Exchange.
By comparison, the IPO of private sector lender RBL Bank last month was subscribed nearly 70 times, while software outsourcer L&T Infotech Ltd's July IPO had attracted bids more than 11 times the shares on offer.
In the L&T Technology Services IPO, its parent Larsen & Toubro was selling about a tenth of its stake in the engineering research and development service provider in a price range of 850 rupees to 860 rupees apiece.
L&T Technology Services is due to start trading on or around September 23.
($1 = 66.9004 Indian rupees)
(Reporting by Devidutta Tripathy; Editing by Elaine Hardcastle)