Women's apparel maker TCNS Clothing Co Pvt Ltd's initial public offering to raise about 11.25 billion rupees ($163.5 million) was oversubscribed on the last day of sale on Friday.

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Investors bid for 57.1 million shares, or 5.2 times the 10.1 million shares on offer, according to stock exchange data as of 1230 GMT.

Shareholders of TCNS, which sells the W, Aurelia and Wishful brands of women's apparel, were selling 15.7 million shares, or a 25.6 percent stake in the company, in a price range of 714-716 rupees a share in the IPO.

While TCNS should benefit from the retail market's shift from unbranded to branded apparels supported by the implementation of a new goods and services tax last year, its dependence only on women's apparel is a risk factor, analysts said.

Centrum Wealth Research estimated in a pre-IPO note that the issue was fully priced with upper end of the price range at about 45 times the company's 2017/18 earnings, versus nearly 52 times for its closely comparable listed peer group.

Kotak Mahindra Capital and Citigroup are the managers to the TCNS IPO, which is raising 3.38 billion rupees from anchor investors as part of the total offer.

Excluding the TCNS IPO, Indian companies and their shareholders have raised $4.2 billion from initial share sales so far this year, following a record $11 billion IPO fund-raising in 2017, according to Thomson Reuters data.

Mutual fund manager HDFC Asset Management Co Ltd will take subscriptions for its up to 28 billion-rupee IPO next week.