Caliber Mining and Logistics Ltd has seen its initial public offering attract bids worth 23.37 times the shares on offer by the close of the second day of bidding.
National Stock Exchange data shows investors placed orders for 183,092,000 shares against a public offer of 7,835,821 shares.
The surge in demand is being driven largely by non-institutional and retail investors, signaling robust appetite for the mining and logistics firm's listing.
This follows reports from the first day of subscription, where shares were already trading at a significant premium in unofficial channels, indicating early market enthusiasm for the deal.
The strong subscription levels suggest the issue is likely to be oversubscribed, potentially leading to a higher listing price or a cut-off price adjustment for retail allottees.
The development underscores continued investor interest in Indian primary market offerings, particularly in sectors with tangible asset bases.