The National Stock Exchange of India's initial public offering was subscribed 5.71 times overall on the final day of bidding on Monday, according to bourse data on Tuesday.

The offering received bids for about 505.8 million shares against the 88.6 million shares on offer. Demand was driven by qualified institutional buyers, who subscribed 12.68 times their reserved portion of 25.2 million shares, placing bids for nearly 319.7 million shares.

Non-institutional investors subscribed 6.55 times their reserved quota of 18.9 million shares, with bids totaling 123.8 million. Meanwhile, the retail investor portion was booked 1.39 times, drawing bids for 61.3 million shares against a reserved allocation of 44.1 million.

The NSE set a price band of 1,700 rupees to 1,785 rupees per share for the offering. The IPO closed on Monday, with shares expected to debut on the market on or around Sept. 24.