Oversubscribed over 25 times, the company has decided to fix the price at Rs 630 per share, which is also the upper band fixed for the bidding.The public issue will now be priced at Rs 630. Indian institutional investors accounted for 32 per cent of the bids with investors in the US contributing 27 per cent, the far east 32 per cent and Europe nine per cent.Uday Kotak, chairman Kotak Mahindra Capital, which is the lead book runner for the issue said that ``though we have received a record demand for the issue, we will not go in for a revision of the price band.''

It is a common practise in the international markets to re-fix the price of the issue in response to the demand, he added.

Pradman Kaul, chairman of Hughes Software, pointedout that the time for the bidding process was short and in any case the company wanted to leave something for the investor in deciding not to refix the price.

He also said that an attempt has been made in each category of investor to give allotment to the long-term investors.

The response to the bidding process indicated that investors did not want to be left out in the bargain. For over nine crore shares the bids were for Rs 630, the maximum price in the band.

Most bidders also preferred to take the `cut off price' option, which meant that they would take the quantity allotted at the price fixed by the company.High networth individuals accounted for 25 per cent of the total bids, followed by FIIs (21 per cent), corporates (17 per cent) and mutual funds (13 per cent).

Though the bids received were worth Rs 6000 crore, the company would be retaining about Rs 250 crore and Rs 27 crore left for the public float. With the bidding process through and the price fixed, there would be funding schemes for theIPO for the retail investors, pointed out Kotak. ``Kotak itself would consider financing the investors,'' he added.

Kaul said that part of the proceeds would be used essentially for acquisitions in India, including some E-commerce businesses.

Hughes issue is the first in the Indian market to raise funds through the book-building process. ``We see book building as a way of raising funds evolving in the Indian market,'' pointed out Kotak.