India, July 10 -- Update | July 10, 08:20 PM

The IPO of Smartworks was subscribed 50% on the first day of bidding, with non-institutional investors (NIIs) leading the pack. The public issue received bids for 52.25 Lakh shares as against 1.04 Cr shares on offer.

The portion reserved for NIIs was completely subscribed, receiving bids for 22.14 Lakh shares against 22.17 Lakh shares on offer.

The portion reserved for retail investors got bids for 29.56 Lakh shares as against 51.73 Lakh shares on offer, translating to 57% subscription.

Employees bid for 49.9K shares out of the 1.07 Lakh shares reserved for them. This meant 47% subscription on the employee front.

Bidding by qualified institutional buyers (QIBs) remained negligible, with on...