In the biggest issue in the last six years, the government is expected to mop up more than Rs 1620crore through sale of 10 per cent equity in Gas Authority of India Limited at Rs 195 a share.
The public issue of 8.4 crore shares, which closed on Friday, was over-subscribed by 9.28 times, sources associated with the process said.
While retail investors (those bidding for less than Rs 50,000) will get 27.5 per cent of the issue size at a five per cent discount (Rs 185.25 a share), employees will be allotted 5 per cent of the issue.
High-net worth individuals or non-institutional bidders will get 25 per cent of the offer size while the remaining will go to Qualified Institutional Bidders (QIBs).
The government had fixed a floor price of Rs 185 per share for the public issue done through the book-building route.
The GAIL scrip closed at Rs 214.70 on the Bombay Stock Exchange on Friday.
When contacted, Petroleum Minister Ram Naik told PTI from Mumbai: "This is yet another indication of the investors' confidence in the oil sector. I am very happy at the response and confidence shown by the investors."
Naik, who was the first person in 2002 to profess selling government equity in public sector oil firms though public issues, said, "This will be a red-letter day in GAIL's history and still better results would be available when ONGC's final subscription are known."