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Bharat Dynamics IPO Subscribed 1.26 Times On Final Day 

The highest demand for the Bharat Dynamics IPO came from institutional investors.

Missiles on display as aircraft perform in an aerial flying display at the Aero India air show. (Photographer: Dhiraj Singh/Bloomberg)
Missiles on display as aircraft perform in an aerial flying display at the Aero India air show. (Photographer: Dhiraj Singh/Bloomberg)

Day 3 Subscription (As Of 4 pm)

  • Qualified institutional buyers: 1.50 times
  • Non-institutional bidders: 0.50 times
  • Retail investors: 1.29 times
  • Employees: 0.39 times
  • Overall: 1.26 times

Bharat Dynamics Ltd.’s Rs 960-crore initial public offering was subscribed 1.26 times on the last day of bidding today.

Of the 2.24 crore shares that were on offer, the sole supplier of surface-to-air and anti-tank guided missiles to the Indian Army, received bids for 2.82 crore shares as of 4 pm, according to stock exchange data.

The portion reserved for qualified institutional buyers was subscribed 1.50 times the number of shares on offer, while the retail investor portion was subscribed 1.29 times. The non-institutional segment was bid for 0.50 times the number of shares allotted, showed data provided by Axis Capital.

The government is looking to sell 2.24 crore shares or 12.25 percent stake in the missile maker at the upper end of the price band which was fixed at Rs 413-428 apiece.

Bharat Dynamics, housed under the Ministry of Defence, is a Miniratna. It manufactures surface-to-air and anti-tank guided missiles, underwater weapons, launchers, counter-measures and test equipment, giving it nearly 54 percent share in India’s missile market. The company had an order book of Rs 10,543 crore as of Jan. 31.

Also Read: Bharat Dynamics IPO: Here’s All You Need To Know