Hospital operator Shalby's Rs 510-cr IPO subscribed nearly three times

Indian hospital operator Shalby Ltd's initial public offering to raise Rs 510 crore($79 million) was subscribed 2.8 times on the last day of the sale on Thursday.

Institutional investors bid for 4.5 times the number of shares reserved for them, while the retail portion was subscribed 2.93 times, data as of 6:00 PM (1230 GMT) showed.

The offer comprised a primary share sale of Rs 480 crore, while one of the existing shareholders was selling 1 million shares in the IPO in a price range of 245 rupees to 248 rupees.

Edelweiss, IDFC Bank and IIFL Holdings are managing the IPO.

India has seen a record year for IPOs with more than Rs 11000 crore of initial share sales in 2017.