The initial public offer of Aditya Birla group flagship company Idea Cellular was oversubscribed more than 57 times in the process generating the highest ever demand of Rs 1,21,557 crore -- surpassing Rs 1,13,850 crore clocked by the Reliance Petroleum IPO last year.

Idea’s 32.69 crore-share IPO received 1,869.86 crore bids in its attempt to mop up Rs 2,125 crore (excluding a green shoe option of Rs 318.75 crore) which closed yesterday, sources said.

The QIB portion was oversubscribed 90.8 times receiving 1,732.82 crore bids for the 19.15 crore shares offered with foreign institutional investors tendering over 1,200 crore bids, domestic financial institutions offering more than 150 crore bids and the mutual funds pitching in with over 182 crore bids, sources said.

According to sources, non-institutional investors oversubscribed their portion over 26 times with more than 83 crore bids offered for the 3.19 crore shares reserved for them.

The retail portion was oversubscribed 4.8 times whilst the portion meant for employees was subscribed over 2.6 times more.

Banking sources said the shares would be priced at the upper end of the Rs 65-75 spectrum and would soon list on the bourses.

Idea Cellular is the sixth largest mobile operator in India with a presence in 11 circles comprising one metro city, three category A circles, six category B circles and one category C circle.

JM Morgan Stanley and DSP Merrill Lynch were the book leading managers of the issue.