Janashakthi offered to sell 16.5 million shares at 12.00 rupees each, with an option to sell a further 16.5 million shares.
"We expect to decide the basis of allotment this week and send out refund cheques by the end of next week," director Ramesh Schaffter said.
"Applications collected at branch offices yesterday have been couriered to Colombo, and are still being counted."
The company has seven working days to decide the basis of allotment but Schaffter says the firm wants to send out refund cheques quickly.
Among the large institutional investors was R G Holdings, a wealth management firm.