The initial public offer (IPO) of HPL Electric and Power was subscribed 6% on the first day of the three day bidding process on Thursday. The IPO received bids for 8,95,510 shares against the total issue size of 1,44,40,001 shares, data available with the National Stock Exchange (NSE) till 1701 hours showed. Retail investors quota was subscribed 12%, while QIB category did not see any bid on the first day. Non-institutional investors bid for 7,910 shares. HPL Electric on Wednesday mopped up Rs 108 crore from anchor investors by selling shares at Rs 202 a piece. The price band for the Rs 361-crore IPO has been fixed at Rs 175 to Rs 202 per share and would close on September 26. Proceeds of the issue would be utilised for repayment of loans, to fund working capital requirements and for other general corporate purposes. Shares of the company would be listed on BSE and NSE. The issue is being managed by SBI Capital Markets, ICICI Securities and IDFC Bank. HPL Electric makes metering solutions, switchgears, lighting equipment and wires and cables, among others.