Usha Financial Services' IPO has received strong demand, with subscriptions reaching 3.13 times on the second day of bidding.

Investors have applied for 1.31 crore equity shares against an issue size of 41.99 lakh shares.

The non-banking finance company aims to raise Rs 98.45 crore at a price band of Rs 160-168 per share, with the issue set to close on October 28.

All investor categories have shown significant interest, with retail investors subscribing 4.61 times their allotted quota and non-institutional investors at 3.63 times.

Qualified institutional buyers have also participated, booking 1.07 times the shares reserved for them.

Prior to the IPO's opening, Usha Financial Services secured Rs 27.9 crore from institutional investors through its anchor book, with notable participation from firms such as Copthall Mauritius Investment, NAV Capital VCC, and Kingsman Wealth Fund, among others, acquiring a total of 16.6 lakh shares.