The initial public offer (IPO) of Religare Enterprises, a financial services provider led by promoters of Ranbaxy Laboratories on Thursday was subscribed 156.44 times as of 6 pm on the closing day

The IPO received 1,185,175,915 bids as against issue size of 7,576,102 shares.

Religare Enterprises is a holding company of 11 subsidiaries, engaged in offering financial services targeted at retail, high net worth individuals besides corporate and institutional clients.

The Company entered the capital markets with its Issue of 7,576102 equity shares of Rs. 10 each. The Bid/ Issue opened on October 29, 2007 and closed on November 1, 2007. The Price Band was fixed between Rs. 160 to Rs. 185 per Equity Share.

The company informed that the funds raised through IPO would be invested to for expansion of domestic operations as well as the branch network.

The company recently sold 5 per cent stake to Indopark Holdings, a subsidiary of Merrill Lynch for Rs 60.6 crore.

The Book Running Lead Managers (“BRLMs”) to the Issue are: Enam Securities Private Limited and Citigroup Global Markets India Private Limited.