Indian automobile components manufacturer Varroc Engineering Ltd's initial public offering to raise about 19.55 billion rupees ($284.2 million) was subscribed more than three times on the last day of sale on Thursday.

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Investors had bid for 50.5 million shares, or 3.6 times the 14.2 million shares on offer, according to stock exchange data as of 1230 GMT.

Varroc, which supplies parts to Bentley, Audi and Harley Davidson, had set a price range of 965 rupees to 967 rupees a share for the IPO.

At the higher end of the price band, the issue is priced at about 29 times its FY18 earnings, a discount compared to peer group average of 41.8 times in FY18, Centrum Wealth Research said in a pre-IPO note.

Omega TC Holdings, Tata Capital Financial Services, and Varroc's founder Tarang Jain are selling about 20.2 million shares, or about 15 percent of the post-offer share capital.

Anchor investors had agreed to buy 5.84 billion rupees worth of shares as part of the IPO.

Indian companies have raised nearly 211 billion rupees ($3.1 billion) from IPOs in 2018 so far. That follows a record $11 billion raised last year.

Kotak Mahindra Capital, Citigroup, Credit Suisse are the global coordinators while IIFL Holdings is the bookrunner for the issue.

First Published:Jun 29, 2018 5:30 AM IST