KFin Technologies‘ initial public offering continued to receive lukewarm investor reaction, although it was fully subscribed on December 21, the last day for bids.

The offering received bids for 6.14 crore shares, compared with the IPO size of 2.37 crore shares, for a 2.58-fold subscription ratio, according to data provided by the exchange.

Retail investors also bought all the reserved shares on Wednesday, as the portion reserved for them was subscribed 1.36 times.

Qualified Institutional Buyers (QIBs) also backed the offer, buying 4.17 times the shares reserved for them. The IPO must be fully subscribed to in the QIB category.

However, the response from high-net-worth individuals (non-institutional investors) is still poor, with a subscription ratio of only 23%.

KFin reserves 75% of bids for qualified institutional buyers, 15% for high-net-worth individuals and the remaining 10% for retail investors.

The technology-enabled financial services platform intends to raise Rs 1,500 crore through a public offering, of which Rs 675 crore was raised from anchor investors on December 16, a day before the sale on December 19.

It was all a sale offer from promoter General Atlantic Singapore Fund Pte Ltd, which may have contributed to the lukewarm response to the IPO. This means that all proceeds will go to selling shareholders, and the company will not receive any money from the offer.

The price range for the offer is Rs 347-366 per share. KFin provides comprehensive services and solutions to the capital markets ecosystem, including asset managers and corporate issuers across asset classes in India.

It also provides various investor solutions, including trade origination and processing, for mutual funds and private retirement schemes in Malaysia, the Philippines and Hong Kong.