Animation and gaming company DQ Entertainment has fixed the issue price of its initial

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public offer, which was subscribed nearly 86 times, at Rs 80 per share -- the upper end of its price band.

The company is offering a discount of Rs 7 on the issue price to eligible employees of the company, DQ Entertainment (International) Ltd said in a public announcement.

The Rs 128-crore issue, which was open between March 8- 10, was subscribed 85.78 times. DQE entered the capital market with an issue size of 1.6 crore shares in the price range of Rs 75-80 per piece.

Shares of the company are proposed to be listed on the Bombay Stock Exchange.

The company had raised Rs 22.6 crore from several anchor investors, including Axis Equity Fund, Birla Sunlife, Morgan Stanley ACE Fund, T Rowe Price International Discovery Fund and IDFC Small and Midcap Equity Fund.

The company plans to utilise net proceeds to part fund general corporate expenditures, besides business expansion.