MUMBAI: The initial public offering (IPO) of Sun TV has received a strong response from investors with the issue being oversubscribed 8.16 times. The IPO, comprising 6889000 shares, kicked off on 3 April and closes on 7 April.

According to data available as on 5 April, QIB's (Qualified Institutional Buyers) have oversubscribed 13.57 times, indicating a big appetite for the issue.

Showing less enthusiasm were the non institutional and retail individual investors. Only 1.38 per cent quota of non institutional investors have subscribed to the issue while 6.98 per cent was from retail investors.

The issue has, so far, received 56233096 bids. Total bids received at the cut-off price stood at 130264. Sun has fixed a price band of Rs 730 to Rs 875 for the IPO.