(Reuters) - United Arab Emirates-based Aster DM Healthcare Ltd’s initial public offering (IPO) of shares on the Indian exchanges to raise 9.80 billion rupees ($153.34 million) was subscribed 1.3 times on the last day of the sale on Thursday.

Investors bid for 48.5 million shares, of the 37.4 million shares on offer, stock exchange data as of 1233 GMT showed. bit.ly/2sxTsjG

The company, which operates hospitals, clinics, and pharmacies in the Gulf and India, will use the proceeds to pay off some debt, and also finance its business development.

Kotak Mahindra Capital, Axis Capital and Goldman Sachs (India) Securities acted as global co-ordinators and were among the book running lead managers to the IPO.

($1 = 63.9100 Indian rupees)