MUMBAI: Sun TV Ltd. is set to fix a price of Rs 875 per share, mopping up Rs 6.3 billion ($134.2 million) from its initial public offering (IPO) of 6.9 million shares.

The IPO has received an overwhelming response and has been oversubscribed 47.05 .times. Total bids received from investors stood at 324110480. Sun had fixed Rs 875 as the price at the top end.

The IPO offered a fresh equity issue of 68,89,000 equity shares of Rs 10 each for cash. The shareholding of Sun TV Ltd principal promoter Kalanithi Maran will now reduce to 89.99 per cent from 99.99 per cent (61,999,969 shares).