IndiaMart InterMesh Limited's Rs 475-crore IPO saw subscription of 3.22 times till 2 pm on the last of the bidding process on Wednesday. The initial public offering that will end later today, received bids for 86,62,335 shares as against the total issue size of 26,92,824.

The portion of the issue reserved for institutional investors was subscribed 104 percent, while that for retail and HNI investors was subscribed 248 percent and 4 percent, respectively, according to data from stock exchanges.

The equity shares are proposed to be listed on BSE and NSE. The book running lead managers to the IPO were ICICI Securities Limited, Edelweiss Financial Services Limited and Jefferies India Private Limited.

The proceeds of the issue will not go to the company but to the selling shareholders based on the number of shares offloaded by them through the OFS (offer for sale).

IndiaMart InterMesh Limited primarily operates through its product and supplier discovery marketplace, indiamart.com.

IndiaMart is a B2B market place for business products and services for manufacturers, wholesalers, exporters or retailers.

Choice Equity Broking had recommended a "subscribe" rating on the issue.