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India's Tata Technologies' 30.43 billion rupee ($366 million) initial public offering (IPO) remained the most oversubscribed domestic IPO this week, signalling robust demand for the Tata group's first public float in nearly two decades.

Investors bid for about 3.13 billion shares worth 1.56 trillion rupees ($18.74 billion) by the close of subscriptions on Friday, compared with the 45 million shares on offer, with institutional investors showing the most interest.

The bids were roughly 69.43 times the issue on offer, according to stock exchange data.

"The oversubscriptions, even as the size is not very large, is a positive factor and this shows that if an issue is well priced, leaving something on the table, investors are willing to invest," said Arun Kejriwal, founder of Kejriwal Research and Investment Services.

This is the first Tata group company IPO since Tata Consultancy Services in 2004. The company will make its trading debut on Nov. 30.

Tata Technologies, which provides engineering and technology services to auto, aero and heavy machinery makers, will be valued at 202.83 billion rupees at the top-end of its price band of 475-500 rupees.

Other listings this week included Fedbank Financial Services, Flair Writing Industries, Indian Renewable Energy Development Agency, and Gandhar Oil Refinery. They were oversubscribed between 2.20-64.07 times.

India has seen 196 IPOs so far in 2023, a record both at home and compared with any other country. The domestic equity market has hit record highs this year as India's economic growth prospects and a vast consumer base make it an attractive destination for companies and investors.

Kejriwal expects this momentum to continue in the coming months.

"There seems to be an appetite for IPOs as there are many in the pipeline. There is money. As long as people get the pricing right, there should be no concern," he added.