The initial public offer (IPO) of Apex Frozen Foods, which is in the business of aquaculture products, was subscribed 40 per cent on the first day of bidding on Tuesday.
The portion set aside for non-institutional investors was subscribed 18 per cent and retail investors 79 per cent.
Apex Frozen Foods yesterday raised over Rs 43 crore from anchor investors.
The offer will close on August 24.
At the upper end, it can fetch up to Rs 152.25 crore while at the lower limit, the company will raise at least Rs 148.77 crore.
Proceeds from the issue would be utilised towards setting up a new shrimp processing unit with a capacity of 20,000 tonnes per annum in Andhra Pradesh and for general corporate purposes.