New Delhi, July 31 -- The initial public offering (IPO) of Aditya Infotech saw a bumper demand from investors as the bidding for the mainboard issue saw over 100 times bids. Strong appetite for the IPO from all quarters of the market, along with a bumper grey market premium and positive brokerage views resulted in a stellar subscription number.

Aditya Infotech IPO, priced in the range of Rs.640-675 per share, was a mix of fresh issue of Rs.500 crore and an offer for sale of Rs.800 crore, with the company looking to raise Rs.1,300 crore at the upper end of the price band.

The company plans to use the funds from fresh proceeds for repayment of certain corporate borrowings and the rest for general corporate purposes.

Investors could apply...