The IPO received bids for 4,38,05,100 shares against the total issue size of 1,22,50,000 shares, as per NSE data till 1700 hrs.
The category set aside for qualified institutional buyers (QIBs) was oversubscribed 5.38 times and that of retail investors 3.81 times.
The quota for non institutional investors was subscribed 63 per cent.
The IPO has received about 5.3 lakh applications till second day.
The offer was oversubscribed on the first day of the bidding itself.
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The IT firm, part of the diversified Larsen & Toubro group, has come out with an IPO that can fetch up to Rs 1,243 crore.
Shares of Larsen & Toubro ended 0.55 per cent higher at Rs 1,568 on BSE today.
L&T Infotech had on Friday raised Rs 373 crore from anchor investors by selling shares at Rs 710 apiece.
The IPO comprises an offer-for-sale of up to 1.75 crore equity shares by L&T Ltd. It constitutes 10.3 per cent of the post offer paid-up equity share capital of the company.
At the upper end of the price band, the offer would be worth Rs 1,243.50 crore. The sale would rake in Rs 1,233.75 crore at Rs 705 per share.
In the financial year 2015-16, L&T Infotech's revenue from operations and other income stood at Rs 6,143.02 crore, while it clocked a profit after tax of Rs 922.17 crore during the same period.
L&T Infotech is the sixth largest Indian IT services player at present with a revenue of USD 887 million and an employee base of over 20,000 people.
Earlier this month, the Rs 400-crore IPO of staffing firm Quess Corp was oversubscribed a staggering 145 times, emerging as the most oversubscribed IPO in the past 9 years.