The company raised Rs 180 crore from anchor investors.
The initial public offer of Fine Organic Industries has been subscribed 12 percent so far on the first day of bidding on Wednesday.
The Rs 600-crore IPO has received bids for 6.2 lakh shares against the total issue size of 53.65 shares (excluding anchor investors' portion), data available with the NSE till 5 pm showed.
The reserved portion of qualified institutional buyers (QIBs) has subscribed 0.17 times, non-institutional investors 0.01 times and retail investors 0.13 times.
Price band for the issue has been fixed at Rs 780-783 per share.
The company already raised Rs 180 crore from anchor investors on Tuesday.
JM Financial and Edelweiss Financial Services are book running lead manager for the issue. Karvy Computershare is registrar to the issue.The company's shares are proposed to be listed on BSE and the NSE.