The initial public offer of Bonfiglioli Transmissions Ltd received 47 per cent subscription on the first day of bidding on Thursday.

The IPO got bids for 1,42,60,775 shares against 3,02,82,330 shares on offer, according to the NSE data.

The category for non-institutional investors received 76 per cent subscription. The quota for retail investors got subscribed 57 per cent and Qualified Institutional Buyers’s portion was booked 8 per cent.

Bonfiglioli Transmissions Ltd on Wednesday secured Rs 759.26 crore from anchor investors, including BlackRock, Goldman Sachs Asset Management, and Abu Dhabi Investment Authority.

The company’s IPO will close for public subscription on October 19. The price band has been fixed at Rs 558-586 per share.

The IPO is entirely an offer for sale (OFS) of up to 4.32 crore equity shares by promoter Bonfiglioli S.p.A., with no fresh issue component.

Consequently, the company will not receive any proceeds from the offering, with the entire amount going to the selling shareholder.

Bonfiglioli Transmissions, the Indian subsidiary of Italy-based Bonfiglioli S.p.A., manufactures mechanical and electro-mechanical power transmission products and industrial drive solutions, including gearboxes, gear motors, and drive systems.

Its products cater to industry and automation, off-highway mobility and wind applications.

The equity shares are proposed to be listed on the BSE and the NSE on October 23.