New Delhi: The Initial Public Offer (IPO) of non-banking finance company SBFC Finance was subscribed 1.91 times on the first day of subscription on Thursday.

The Rs 1,025 crore initial share sale received bids for 25,47,12,640 shares against 13,35,12,817 shares on offer, according to an update on the NSE. The category for non-institutional investors was subscribed 4.12 times, while Retail Individual Investors (RIIs) quota received 2.06 times subscription. The portion for Qualified Institutional Buyers (QIBs) got subscribed 3 per cent.

The IPO has a fresh issue aggregating up to Rs 600 crore and an offer for sale of up to Rs 425 crore. Price range for the offer is Rs 54-57 a share. SBFC Finance Ltd on Wednesday said it has raised a little over Rs 304 crore from anchor investors.

The company will utilise the net proceeds from the issue towards augmenting the company's capital base to meet its future capital requirements arising out of the growth of its business and assets.

ICICI Securities, Axis Capital and Kotak Mahindra Capital Company are the managers to the offer. The equity shares are proposed to be listed on NSE and BSE.