Mumbai: On the initial day of subscription, the initial public offering of Edelweiss Capital has received overwhelming response from investors’ side.

It got subscribed 5.81 times on its first appearance.

The issue got biddings for approx 4.87 crore shares as compared to 83.86 lakh shares on bid. The offer would close on November 20, 2007. Qualified institutional and non institutional investors have also given strong backing, and their reserved portion subscribed over 8 times each.

The IPO price has been fixed between Rs 725- 825 per equity share having face value of Rs 5 each.

The company will use the issue proceeds to improve margin maintenance with stock exchanges, establishment of additional offices and acquisition of office infrastructure, enhancement of existing technological capacity and loan prepayment.

The book running lead managers to the issue include Kotak Mahindra Capital, Citigroup and Lehman Brothers.