Aster DM Healthcare Ltd.'s IPO to raise 9.80 billion rupees on Indian exchanges was oversubscribed, Reuters reported.

Citing stock exchange data, Reuters reported that investors in the offering bid for 48.5 million shares, out of the 37.4 million shares being offered.

The Dubai-based healthcare service provider will use the proceeds to pay off debt and finance business development.

Kotak Mahindra Capital, Axis Capital and Goldman Sachs (India) Securities served as global coordinators and were among the book-running lead managers for the offering.

Aster DM operates hospitals, clinics and pharmacies in the Persian Gulf and India.

As of Feb. 14, US$1 was equivalent to 64.07 Indian rupees.