The initial public offer (IPO) of Aster DM Healthcare received bids for 48.5 million shares, as against 37.3 million shares on offer, data on the National Stock Exchange of India (NSE) website showed as at 17:45 IST today, 15 February 2018. The issue was subscribed 1.3 times.The issue opened for subscription on Monday, 12 February and closed on Thursday, 15 February 2018. The price band for the issue has been fixed at Rs 180 to Rs 190 per share. The offer comprised of IPO of Rs 7.25 billion (Rs 725 crore). The offer also comprised offer for sale (OFS) of 1.34 crore shares.The objects of the issue are to repay certain borrowings of Rs 5.64 billion (Rs 564.16 crore) and to purchase medical equipment worth Rs 1.10 billion (Rs 110.31 crore). The balance will be for other corporate purposes apart from the benefits of listing the equity shares on the BSE and the NSE and to enhance visibility and brand image and provide liquidity to the existing shareholders.Ahead of the opening of the IPO, the board of directors of the company, at its meeting held on 9 February 2018, finalized allocation of 15.4 million (1.54 crore) equity shares to a slew of anchor investors at Rs 190 per share.On a consolidated basis, Aster DM Healthcare reported a net loss of Rs 827.1 million (Rs 82.71 crore) on net sales of Rs 31.22 billion (Rs 3122.59 crore) for the six months ended September 2017.Aster DM Healthcare is a Kochi-based (Kerala) healthcare service provider, with operations in Gulf Cooperation Council (GCC) states of the United Arab Emirates, Oman, Saudi Arabia, Qatar, Kuwait and Bahrain, India and Philippines.