The initial public offer of Aditya Birla Sun Life AMC Limited received 56 per cent the subscription on the first day on Wednesday. The initial share sale received bids for 1,54,80,400 shares against 2,77,99,200 shares on offer, according to data available with the NSE. The Retail Individual Investors (RIIs) category was fully subscribed (1.09 times) and non-institutional investors 14 per cent. The Initial Public Offer ( IPO ) is of 3,88,80,000 equity shares. The initial share-sale is entirely an offer for sale, wherein two promoters— Aditya Birla Capital and Sun Life (India) AMC Investments—will divest their stake in the asset management firm. The price range for the offer, which would conclude on October 1, is at Rs 695-712 per share. Aditya Birla Sun Life AMC on Tuesday said it has collected Rs 789 crore from anchor investors. At the upper end of the price band, the initial share sale is expected to fetch Rs 2,768.25 crore.