The Rs. 297 crore initial public offer (IPO) from Bajaj Corporation has been able to outperform the expectations and has seen an over subscription by over 10.5 times. This happened on the third day of the issuing and happened mostly because of the high demand from the institutional investors.

The company is mainly into the business of making hair oil. The issue received a total bid of Rs. 3.88 crore during this period, said the data available with the NSE.

A portion that was kept aside for the qualified institutional investors was over-subscribed 20.19 times, data from NSE showed. August 4 was the last day for the bidding to be done by the institutional bidder. Now, it will be opened for the retail investors as well as non-institutional once before closing on August 5.

Bajaj Corp came out with issue of 45 lakh shares. These included shares reserved for anchor investors and was priced in between Rs. 630-660 per share.

HNI section, however, remained under subscribed and not much of good news was there from the retail side as well.

Out of the proceeds, Rs. 220 crore will be used for promotion of products.