Bengaluru: Corporates and high net worth individuals (HNIs) have subscribed most to the much sought after shares of the city-based Quess Corp Ltd, whose initial public offering (IPO) got over-subscribed by a whopping 147 times at the upper-end and 144 times at the lower-end by Friday night. "Corporates subscribed to 75,15,63,945 shares (75 crore plus), with 18,92,744 shares at upper-end (397 times) and 19,16,251 shares at lower-end (392 times) of the Rs 310-317 price band per equity share of Rs.10 each," the company said in a statement here on Saturday. The premium issue was offered at a market lot of 45 shares and in multiples. In contrast, qualified institutional buyers (QIBs) subscribed to 23,03,81,235 shares, with 37,85,490 shares at upper-end (61 times) and 39,03,023 shares at lower-end (59 times). Retail investors subscribed to 424,18,935 shares, with 12,61,829 shares at upper-end (34 times) and 12l77,500 shares at lower-end (33 times). "Of the total 102, 43,64,115 shares, A69,40,063 shares were subscribed at upper-end (148 times) and 70,96,774 shares at lower-end (144 times)," the statement said. Though bidding for QIBs and corporates was closed by 7 p.m., the company is yet to disclose how many more retail investors subscribed to its shares, as retail bidding was kept open till 8 p.m. on Friday. "The massive response makes our IPO the most over-subscribed issue on debut in the last nine years and the second most over-subscribed issue since 2000," the leading business services provider said. Though the nine-year-old company went public to raise about Rs 400 crore, the total value of bids received is a whopping Rs 33,000 crore or $5 billion. "It is heartening to note the response from investors to our IPO and the faith they have reposed in our company," Quess Chief Executive Ajit Abraham Issac said in the statement. Being the company's sole or individual promoter, the average cost of equity shares for Issac was Rs 2.74 per share and Rs 32.52 per share for its corporate promoter Thomas Cook (India) Ltd as anchor investors ahead of the issue going public. "These results would not have been possible without the team that I work with. The overwhelming response places a tremendous responsibility on us. We shall spare no effort to meet expectations of the investor community," Issac said. The company proposes to utilise the issue proceeds to repay debts, fund its capital expenditure and that of its subsidiary, MFXchange US Inc, and for acquisitions. As the issue was made through the book-building process, 75 per cent of it will be allocated proportionately to QIBs in accordance with the regulations. One-third of the institutional offering will be reserved for domestic mutual funds. Similarly, 15 per cent of the issue will be allocated proportionately to corporates and HNIs and the remaining 10 percent to retail investors as per the regulatory norms. The company's shares will be listed on the NSE and BSE. With 120,000 employees and 47 offices in 26 cities across the country, Quess serves about 1,300 customers in North America, Gulf region and South East Asia, providing global technology solutions, people and services, integrated facility management and industrial asset management.