The company got 16,904 applications with payment made by bank draft and cheques for 115 million shares worth 1.7 billion rupees and 48 applications with payment made by bank guarantees for almost 131 million shares worth 1.96 billion rupees.
The firm is a joint venture between Pacific Textured Jersey Holdings, a fully owned subsidiary of Hong Kong's Pacific Textiles Holdings, and Brandix Lanka.
It plans to use funds raised through the IPO of a 12.21 percent stake priced at 15 rupees each and a previous private placement at the same price to expand production and buy modern machinery to improve efficiency.
Previous IPOs had been heavily oversubscribed mainly because of the use of bank guarantees by big investors but the numbers fell after regulators imposed restrictions on the practice.The regulators moved after complaints small investors were being edged out by the use of bank guarantees.
A separate stock exchange filing said all retail investors who applied for up to 6,600 shares were given all the shares they asked for along with unit trusts and employees who applied for up to 500,000 shares.
Employees who applied for more were allocated 500,000 plus 57.32 percent of the balance applied for.
In the non-retail category, applicants for up to 100,000 shares were given all they asked for while those who applied for more will get 100,000 plus 12 percent of the balance asked for.
The balance shares in the retail and unit trust category were allocated to the non-retail category, the statement said.