The initial public offer (IPO) of Monte Carlo Fashions got subscribed 38% at the end of the first day on Wednesday. It received total of 1.44 million against issue size of 3.80 million, of which 5,53,380 bids were obtained at a cut-off price.

Monte Carlo Fashions is the leading apparel brand in India; especially famous for exclusive woolen brand 'Monte Carlo', has entered the primary market on Wednesday with a public issue. It has proposed issue of 5,433,016 equity shares of a face value of 10 each. It has set price band at Rs 630 to Rs 645 a share. The issue closes on Dec. 5, 2014.