The initial public offering (IPO) of Mumbai-headquartered cardiovascular device maker Sahajanand Medical Technologies saw a subdued response on the second day of bidding,  with the issue receiving 47 percent subscription by 12:20 pm on October 16, as per the NSE data.

The Rs 475.48-crore IPO received bids for 46,28,262 shares against 97,50,482 shares on offer. Retail investors led the demand with 61 percent subscription, followed by non-institutional investors with 34 percent subscription.

In the grey market, the Sahajanand Medical Technologies shares were commanding a premium of 12 percent on the morning of October 16, as per InvestorGain. However, grey market premiums are unofficial indicators based on speculative trading and do not guarantee listing gains.

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Ahead of the issue opening, the company mobilised 140.06 crore through anchor investors. Sahajanand Medical Technologies allotted 40.71 lakh equity shares to eight institutional investors through the anchor book on Wednesday at the upper end of the price band.

Of the total allocation, 30.25 lakh shares, worth approximately Rs 104 crore, were allotted to five domestic mutual fund houses: Nippon Life India, DSP Mutual Fund, WhiteOak Capital, Invesco India, and UTI AMC. These investors participated through a total of seven schemes.

Allianz Global Investors Fund, Tata AIA Life Insurance Company, and Natixis International Funds were among the other participants in the anchor book.

The company seeks to raise up to Rs 475.48 crore entirely through an offer for sale (OFS) of 1.38 crore equity shares.

Sahajanand Medical Technologies develops Class III and Class C/D medical devices, primarily focusing on vascular intervention (VI) products, including coronary stents and coronary balloons, and structural heart (SH) products, including transcatheter aortic valve implantation (TAVI) devices and occluders. Its product portfolio also includes renal stents under its own brand and peripheral drug-coated balloons (DCBs).