The IPO received bids for 3,73,68,100 shares against the total issue size of 1,21,37,070 shares, data available with the NSE till 1515 hrs showed.
Till yesterday, the IPO was subscribed 44 per cent.
The offer consists a fresh issue of up to Rs 3,000 million and an offer for sale (OFS) of up to 6,000,000 shares (excluding anchor portion of 5,133,150 shares).
The issue is in a price band of Rs 263-270.
HG Infra Engineering has garnered over Rs 1.38 billion from anchor investors last week.
Proceeds of the IPO will be utilised towards purchase of capital equipment, repayment of certain indebtedness, and for other general corporate purposes.
SBI Capital Markets and HDFC Bank are the book-running lead managers to the issue.