The National Stock Exchange (NSE) IPO sailed past the full-subscription mark on the second day of bidding, driven by a sharp pick-up in demand from institutional and non-institutional investors even as the retail portion remained undersubscribed.

The Rs 22,561-crore issue was subscribed 1.16 times at the end of Friday, attracting bids for 102.84 million shares against 88.64 million shares on offer. All investor categories, barring retail, were fully subscribed.

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The qualified institutional buyers (QIB) book saw the biggest acceleration in demand. After being subscribed just 19% on the first day, the segment was subscribed 1.53 times by the end of Day 2, receiving bids for 38.57 million shares against 25.21 million shares reserved for the category.

Domestic institutions led the QIB demand, with banks, financial institutions and insurance companies bidding for 25.49 million shares. Foreign institutional investors bid for 5.49 million shares, while mutual funds placed bids for 2.80 million shares.

Non-institutional investors (NIIs) also stepped up their bids, with the segment subscribed 1.68 times. It received bids for 31.76 million shares against 18.90 million shares on offer.

Within the NII book, the Rs 2-10 lakh category was subscribed 1.83 times, attracting bids for 11.54 million shares against 6.30 million shares available. High-net-worth individuals (HNIs) accounted for 11.17 million shares of these bids.

The above-Rs 10 lakh NII category was subscribed 1.60 times, with bids for 20.22 million shares against 12.60 million shares on offer. HNIs accounted for 17.69 million shares.

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The retail individual investor portion was subscribed 72%, receiving bids for 31.86 million shares against 44.10 million shares reserved for the segment.

The employee portion, which was subscribed 98% on the first day, crossed the finish line comfortably on Day 2. It was subscribed 1.53 times, with bids for 0.66 million shares against 0.43 million shares on offer.

At Rs 22,561 crore, NSE’s IPO is the second-largest in the history of the Indian capital markets after Hyundai Motor India’s issue. The exchange has already raised Rs 6,746 crore from anchor investors.

The IPO will remain open for subscription until September 21, with NSE’s shares expected to list on the BSE on September 25.