HAL IPO Almost Fully Subscribed On Final Day Of Bidding
Final Day Subscription (As of 4 p.m.)
- Qualified institutional buyers: 1.73 times
- Non-institutional bidders: 0.03 times
- Retail investors: 0.36 times
- Employees: 0.20 times
- Overall: 0.98 times
India’s largest state-owned defence firm Hindustan Aeronautics Ltd.’s Rs 4,200 crore initial public offering was almost fully subscribed ahead of the close of the offer today.
Overall, the issue was subscribed 0.98 times as of 4 pm, according to data available with the stock exchanges. The portion reserved for qualified institutional buyers was subscribed 1.73 times the number of shares on offer, according to data provided by its public relations agency as of 4 pm. The retail portion of the offer was subscribed 0.36 times while the shares set aside for HAL employee was subscribed 0.20 times. Demand from non-institutional investors remained muted with the segment subscribed 0.03 times.
The three-day IPO is an offer for sale for 3.4 crore shares through which the government will sell 10 percent stake. The price band has been fixed at Rs 1,215-1,240 apiece.
India’s largest state-owned defence firm manufactures aircraft, helicopters and aeroengines, and also develops and repairs them. HAL’s biggest client currently is the Indian Army. The company’s order book stood at Rs 68,461 crore, as of Dec. 31, 2017 which will be executed over the next three years.