Latent View Analytics became the most subscribed initial share sale in India as investors flush with liquidity rushed to bet on the data analytics company.

The firm received bids for 338 times the shares on offer. The bids totaled Rs 1.13 trillion at close on Friday, underscoring the frenzy that has hit the primary market this year. The strong investor response to Latent View Analytics’ initial public offering helped it overtake Paras Defence and Space Technologies Ltd’s IPO, which was subscribed nearly 304 times just a few weeks ago. Before that, Salasar Techno Engineering Ltd was the most subscribed initial share sale at 273 times in July 2017.

The frenzied demand for Latent View’s IPO comes just days after Paytm’s public issue, India’s largest share sale, received a relatively lukewarm response from investors, managing to draw bids for just 1.89 times the shares on offer. It raised Rs 18,300 crore in its IPO that closed on Wednesday.

The rush for Latent View came amid a 150 per cent premium for the shares in the unofficial grey market. The price band for the issue was Rs 190-197 a claim while the grey market premium is at Rs 290 a share, a dealer said, seeking anonymity.

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The Rs 600 crore IPO garnered strong interest across investor categories. Bids for a staggering 5.72 billion shares were placed as of 5.30 pm against the issue size of 16.9 million shares, excluding the anchor allotment, exchange data showed. The institutional investor category received bids for 1.36 billion shares, and the book was subscribed 151 times.