The initial share sale of Shalby ltd, the Ahmedabad-based multi-specialty hospital chain, was subscribed 2.8 times on the last day of the bidding on Thursday, stock exchange data showed. The IPO, which aims to raise Rs 504 crore, received bids for 4,08,66,300 shares against the total issue size of 1,45,21,686 shares - translating into 2.8 times subscription - data available with NSE till 2000 hours showed. The portion set aside for qualified institutional buyers (QIBs) was subscribed 4.47 times, high net-worth individuals 43 per cent, retail investors 2.97 times and employees 1.43 times, investment banking sources said.