State explorer Oil India's initial public offer to raise up to $570 million was fully subscribed within 30 minutes of opening on Monday, three banking sources said, indicating investor appetite remained strong.

Most of the bids were at the top end of the 950-1,050 rupees price band, one banker said.

The sale follows muted stock market debut by state hydropower generator NHPC Ltd and private sector utility Adani Power that had together raised $1.9 billion in IPOs, which were subscribed more than 20 times.

JM Financial, Morgan Stanley India, Citigroup Global Markets India and HSBC Securities and Capital Markets are the lead managers to the Oil India issue.

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