Automobile components manufacturer Varroc Engineering Ltd's initial public offering to raise about Rs 1,955 crore was subscribed more than three times on the last day of sale on Thursday.\u00a0Investors had bid for 50.5 million shares, or 3.6 times the 14.2 million shares on offer, according to stock exchange data. Varroc, which supplies parts to Bentley, Audi and Harley Davidson, had set a price range of Rs 965 to Rs 967 a share for the IPO. At the higher end of the price band, the issue is priced at about 29 times its FY18 earnings, a discount compared to peer group average of 41.8 times in FY18, Centrum Wealth Research said in a pre-IPO note. Omega TC Holdings, Tata Capital Financial Services, and Varroc's founder Tarang Jain are selling about 20.2 million shares, or about 15 percent of the post-offer share capital. Anchor investors had agreed to buy Rs 584 crore worth of shares as part of the IPO. Indian companies have raised nearly Rs 21,100 from IPOs in 2018 so far. That follows a record $11 billion raised last year. Kotak Mahindra Capital, Citigroup, Credit Suisse are the global coordinators while IIFL Holdings is the bookrunner for the issue.