Investors bid for about 3.49 billion shares, or 81.4 times the 42.8 million shares on offer, data as of 1300 GMT showed.
The mutual fund manager is selling 24.5 million new shares with a price band of 247-252 rupees per share, while its two main shareholders - Nippon Life and Reliance Capital Ltd - will offload 25.5 million and 11.2 million shares, respectively.
Anchor investors have agreed to subscribe to shares worth 4.63 billion rupees in the IPO.
The sale, which is the first by a mutual fund manager in the country, adds to nearly $8 billion already raised from the primary market in 2017 so far.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)