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The initial public offer (IPO) of Apollo Micro Systems, which caters primarily to the defence and aerospace sectors, was subscribed 2.14 times on the first day of bidding on Wednesday. The IPO, to raise Rs 1.56 billion, received bids for 88,60,500 shares against the total issue size of 41,44,955 shares, data available with the NSE showed. The portion reserved for qualified institutional buyers (QIBs) was subscribed 32 per cent, non institutional investors 51 per cent and retail investors 3.78 times. Apollo Micro Systems yesterday raised nearly Rs 470 million from anchor investors. Price band for the offer, which would close on January 12, has been fixed at Rs 270-275. Proceeds of the IPO, through which Apollo Micro Systems is estimated to raise Rs 1.56 billion, will be used to meet additional working capital and other general corporate purposes. Shares of the company will be listed on NSE and BSE. Aryaman Financial Services Limited is the book running lead manager to the offer.