Idea IPO subscribed 57 times

The initial public offering (IPO) of the Aditya Birla group company Idea Cellular was subscribed more than 57 times.

Idea's IPO of 32.69 crore shares received bids for a whopping 1,869.86 crore shares.

Investment banking sources said the shares would be priced at the upper end of the Rs 65-75 band, and the shares would be listed soon on the bourses.

The company is raising Rs 2,125 crore (excluding a greenshoe option of Rs 318.75 crore) via the IPO that closed yesterday.

Idea Cellular is the sixth largest mobile operator in India with a presence in 11 circles comprising one metro city, three category A circles, six category B circles and one category C circle.