Newgen Software Technologies Ltd.’s Rs 425-crore initial public offering was subscribed 7.86 times on the final day of bidding today.

The public offer received bids for 9.6 crore shares versus the total issue size of 1.22 crore, according to data provided by one of the lead bankers, IDFC Bank, as of 4 pm.

The portion reserved for qualified institutional buyers was subscribed 15.62 times the number of shares on offer, while the retail investor portion was subscribed 4.4 times. The non-institutional bidders segment received bids for 5.52 times the number of shares allotted.

The company had raised over Rs 127 crore from anchor investors ahead of the public issue on Monday.

The Delhi-based IT company aims to raise close to Rs 425 crore by offering 1.73 crore shares at Rs 240-245 apiece. Four private investors—IDG Ventures, Ascent Capital, Pandara Trust and SAP V—are almost exiting the company by making at least 2.7 times their investment. The IPO includes a fresh issue of Rs 95 crore, which the company will use to buy and furnish a new office.