The initial public offer of solar panel maker Waaree Energies Ltd was subscribed 3.29 times on the first day of share sale on Monday, driven by encouraging participation from non-institutional and retail investors. The Rs 4,321.44 crore initial share sale received bids for 6,92,83,467 shares against 2,10,79,384 shares on offer, as per NSE data. The portion for non-institutional investors received 7.98 times the subscription, while the category for retail individual investors (RIIs) fetched 3.16 times the subscription. The quota for qualified institutional buyers (QIBs) subscribed 8 per cent. Waaree Energies on Friday said it has mobilised Rs 1,277 crore from anchor investors. The issue, with a price band of Rs 1,427 to Rs 1,503 per share, will remain open for public subscription from October 21 to October 23. The IPO is a combination of a fresh issue of equity shares aggregating to Rs 3,600 crore and an Offer For Sale (OFS) of 48 lakh equity shares worth Rs 721.44 crore, at the up