Shares of women’s apparel maker TCNS Clothing Co Ltd fell 2 percent in their market debut on Monday following an 11.25 billion rupee ($163.99 million) initial public offering.

The company’s shares were down 1 percent at 709 rupees as of 1003 GMT, compared with the IPO issue price of 716 rupees.

TCNS Clothing’s IPO was oversubscribed 5.2 times on the last day of the initial share sale earlier this month.

The IPO was for a total of around 157 lakh shares which included the anchor portion of 47 lakh shares. The business raised Rs 377 crore ($50.7 million) from its anchor investors ahead of the IPO which began on July 18.

A total of 18 anchor investors purchased shares at at Rs 716 per scrip. The anchor investors include Auburn Ltd, Goldman Sachs India Ltd, DB International Asia Ltd, ICICI Prudential Life Insurance Company Ltd, and UBS Principal Capital Asia Ltd. among others.

TCNS Clothing retails ready-made garments through the brands Aurelia, W, and Wishful Brands and has a pan-India presence as well as in Nepal, Sri Lanka, and Mauritius.