The ₹1,025 crore initial public offering of non-banking finance company SBFC Finance was subscribed 70.16 times on the last day of subscription on Monday, thanks to a strong participation from institutional buyers.

The IPO, which came out with a price band of ₹54-57, received bids for 798.38 crore shares against 10.53 crore shares on offer, according to data available with the exchanges.

The public issue of NBFC comprised of a fresh issuance of shares worth ₹600 crore and an offer for sale (OFS) of ₹425 crore by promoters.

The category for Qualified Institutional Buyers (QIBs) was subscribed a whopping 192.90 times while non-institutional investors quota received 49.09 times subscription. The portion meant for Retail Individual Investors (RIIs) got subscribed 10.99 times and employee by 5.87 times.

As part of the IPO process, the company had mopped up ₹304 crore from anchor investors. SBFC Finance will utilise fresh issue proceeds, excluding IPO expenses, mainly for augmenting its capital base to meet future capital requirements arising out of the growth of the business and assets,