MUMBAI: UTV Software Communications' initial public offering (IPO) has received overwhelming response. At the end of the day's trading, the issue had been oversubscribed 3.4 times.

Most of the bids were received at Rs 130 per share, at the upper end of the price band. The IPO of nearly 7 million shares is being offered in a price band of Rs 115-130 per share.

The issue, which opened today and will close on 25 February, was oversubscribed in the first 10 minutes of it's going up on offer.

UTV expects to raise Rs 910 million at the upper end. The issue comprises 34.11 per cent of UTV's expanded equity.

UTV is the first media company this year to take the IPO route. Shringar Cinemas is planning to float a public issue to raise Rs 500 million.

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