The initial public offer of IRB InvIT Fund was subscribed 7 per cent on the first day of issue on Wednesday.
The offer received bids for 1,72,75,000 shares against the total issue size of 25,09,90,397 shares, data available with the NSE showed.
The institutional investors' category was subscribed 4 per cent while that of other investors 10 per cent.
IRB InvIT Fund on Tuesday raised around Rs 2,100 crore from anchor investors.
The IPO, the first in the InvIT space, will close on May 5. It has a price band of Rs 100-102.
InvITs or infrastructure investment trusts are those debt instruments that will be traded in the market and can act as investment vehicles for sponsors.
The listing of instruments will enable promoters of infrastructure to monetise completed assets and raise funds for other long-term projects.
IRB's InvIT fund comprises fresh issue of units aggregating Rs 4,300 crore and an offer-for-sale of nearly 3.48 crore units by IRB Infra Developers and its arms - Modern Road Makers, Aryan Toll Road, ATR Infra and Ideal Road Builders.
The InvIT trust has six operational road assets and the proceeds from the IPO will be utilised mostly to repay the debt of its special purpose vehicles (SPVs) created for the toll-road projects.
As per InvIT regulation, the sponsor will hold 15 per cent units for initial three years.
IDFC Bank, Credit Suisse Securities and ICICI Securities are the lead managers to the issue while Karvy Computershare is the register to the issue.
The units are proposed to be listed on the BSE and the National Stock Exchange (NSE).