The initial public offer (IPO) of IndiaMART InterMESH, an online marketplace for business products and services, was subscribed 51 per cent on the first day of bidding on Monday.

The IPO, to raise about Rs 475 crore, received bids for 13,57,365 shares against the total issue size of 26,92,824 shares, as per data available with the NSE.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 76 per cent, non institutional investors subscribed 1 per cent and retail individual investors subscribed 49 per cent.

The initial public offering (IPO) will comprise sale of 48,87,862 equity shares in a price band of Rs 970-973 per share. IndiaMart has become the first company to test the IPO market in Modi government’s second tenure.

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The Noida-based firm is looking to raise Rs 475 crore at the upper end of the price band. The issue which opened on June 24 will close on June 26.

ICICI Securities, Edelweiss Financial Services and Jefferies India are the book running lead managers to the offer. The equity shares of IndiaMart InterMesh are proposed to be listed on the BSE and the National Stock Exchange.

On Friday, IndiaMart InterMesh raised more than Rs 213 crore from 15 anchor investors by allotting 21,95,038 equity shares at a price of Rs 973, the upper band of its IPO that opens on June 24.

ICICI Mutual Fund, HDFC Mutual Fund, SBI Mutual Fund, Birla Mutual Fund, Hornbill Capital Advisers LLP are among the 15 anchor investors.