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HAL IPO susbscribed 99% on final day

In the HAL IPO, the category reserved for qualified institutional buyers (QIBs) was subscribed 1.73 times, non institutional investors 3% and retail investors 38%

business Updated: Mar 20, 2018 21:26 IST
Hindustan Times
HAL IPO,subscription,HAL IPO subscription
The Hawk aircraft manufactured by HAL is used for training pilots. (Picture Courtesy: Hindustan Aeronautics Limited)

The initial public offer of state-owned Hindustan Aeronautics Ltd was subscribed 99% on the final day of the bidding on Tuesday.

The issue, through which the Bengaluru-based firm aims to raise Rs4,229 crore, received bids for 3,37,37,556 shares against the total issue size of 3,41,07,525 shares, data available with the NSE till 7.45pm showed.

The category reserved for qualified institutional buyers (QIBs) was subscribed 1.73 times, non institutional investors 3% and retail investors 38%, merchant banking sources said.

The IPO is in a price band of Rs1,215-1,240. SBI Capital Markets and Axis Capital are managing the issue.

The company provides end-to-end business operations comprising product research, design and development, manufacturing and provision of maintenance, repair and overhaul services, covering the complete operational life of its products. Over the years, it has successfully showcased research and development (R&D) capabilities in developing military aircraft and helicopters.

According to the Department of Investment and Public Asset Management, total disinvestment proceeds during the current fiscal is at Rs92,744.61 crore as on 8 March 2018. On 15 March, the government has closed a stake sale in missile maker Bharat Dynamics Ltd, which was oversubscribed 1.28 times. Another state-owned company Mishra Dhatu Nigam will open its IPO on 21 March.

First Published: Mar 20, 2018 20:48 IST