The OIL IPO, which is the second stake sale by a PSU company after NHPC last month, received bids for over 2.40 crore shares as against 2.64 crore shares on offer.

The PSU is planning to raise up to Rs 4,982 crore through the IPO, which will close on September 11. OIL will be listed on the bourses on September 29. Under the twin offer for disinvestment in OIL, it will offer fresh equity of 2.64 crore shares or 11 per cent, while the government will put on offer 10 per cent of its stake.