News broadcaster New Delhi Television's initial public offering has received bids about 17 times the issue size at the close of bidding on Wednesday.

Investment banking sources said the response has been good across three classes of investors -- domestic institutions, high networth individuals and retail investors -- and the cumulative bid size is 17 times the shares on offer.

"We have received 230,000 applications with substantial retail response and we are processing more applications", they said.

Investors have placed demand for 28.73 crore (287.3 million) shares against 1.73 crore (17.3 million) shares on offer, according to the latest data available with the Bombay Stock Exchange.

The maximum bids for 17.24 crore (172.3 million) shares came at Rs 70 per share, the upper end of the bid price band.

The IPO, which opened for bidding on April 21, was oversubscribed within 15 minutes of opening of books.

The IPO comprises fresh issue and offer for sale by the private equity investors of shares of Rs 4 each in the price band of Rs 63-70 through the book-building route for better price discovery.