The initial public offering (IPO) of L&T Infotech, which was fully subscribed on Monday, managed to get an even better response on the final day as the issue was oversubscribed 11.55 times. Till 5 pm on Wednesday, bids had been received for 14.14 crore shares, of the 1.22 crore shares on offer, priced in a band of `705-710 a share. At the top end of the band, the IPO will fetch the firm ` 1245.5 crore. Post issue, parent Larsen and Toubro's stake will reduce to 84.6% from the current 94.9%. Qualified institutional buyers (QIBs) bid for 6.96 crore shares of the 35 lakh lakh shares reserved for them, an oversubscription of 19.90 times. High net-worth (HNIs) individuals bid for 2.82 crore shares of the 26.25 lakh shares reserved for them, bidding for 10.75 times their quota. The retail portion was ovsersubscribed nearly 7.11 times with investors bidding for 4.35 crore shares of the 61.25 lakh shares reserved for them. Retail investors have been offered a discount of `10. Earlier, the company had allotted 52.50 lakh equity shares, aggregating to `372.75 crore to 22 anchor investors. These included HDFC Trustee, Birla Sun Life Trustee, ICICI Prudential, Reliance Capital, New India Assurance, Max Life Insurance, BNP Paribas, Tata Aia Life Insurance, Reliance General Insurance and Union Bank of India. The IPO has 50% of the shares reserved for QIBs, 15% for HNIs and 35% for small investors. Of the total shares reserved for the QIB category, 60% has been reserved for anchor investors on a discretionary basis, according to Sebi guidelines. Five per cent of the QIB category, excluding the anchor investor portion, has been reserved for mutual funds on a discretionary basis.