New Delhi: The initial public offering (IPO) of Bain Capital-backed Emcure Pharmaceuticals Ltd was fully subscribed 1.32 times on the first day of the share sale on Wednesday amid enthusiastic participation from institutional investors.

According to NSE data, bids were received for 1,80,25,840 shares against 1,37,03,538 in the initial share-sale.

The non-institutional investors category was subscribed 2.70 times, while the retail individual investors (RII) quota was subscribed 1.39 times. The portion of qualified institutional buyers (QIBs) received 7 per cent subscription.

The issue will be open for public subscription till July 5 with a price band of Rs 960 to Rs 1,008 per share.

The IPO comprises issuance of fresh equity shares worth Rs 800 crore and offer for sale (OFS) of 1.14 crore equity shares worth Rs 1,152 crore by promoters and existing shareholders at the upper end of the price band.

This brings the total public size to Rs 1,952 crore.

Those selling shares in the OFS include promoter Satish Mehta and investor BC Investments IV Ltd, a subsidiary of US-based private equity major Bain Capital.

Currently, Satish Mehta holds 41.85 percent stake in the company and BC Investments holds 13.07 percent.

The proceeds from the fresh issue will be used for repayment of debt and general corporate purposes.

Emcure Pharmaceuticals on Tuesday said it has raised Rs 583 crore from anchor investors.

Pune-based firm Emcure Pharmaceuticals is engaged in the development, manufacturing and global marketing of a wide range of pharmaceutical products across several key therapeutic areas.

Kotak Mahindra Capital Company, Jefferies India, Axis Capital and JP Morgan India are the book-running lead managers to the issue.

The equity shares of the company will be listed on BSE and NSE.