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HUDCO makes strong debut on bourses; shares end 21% higher

Press Trust of India  |  New Delhi 

State-run HUDCO made a remarkable debut today, closing the trading session with almost 21 per cent gain over the issue price of Rs 60.

After listing on at Rs 73.45, up 22.41 per cent, the stock later touched a high of Rs 77.80, gaining 29.66 per cent in intra-day session. It closed at Rs 72.50, a 20.83 per cent rise over issue price.

On NSE, the stock surged 20.91 per cent to close at Rs 72.55.

The company commands a market valuation of Rs 1,479.43 crore.

In terms of volume, 303.12 lakh of the company were traded on and over 21 crore changed hands at during the day.

"We are pleased with the strong reception received from investors and the successful listing of HUDCO IPO. The extraordinary over-subscription is a testimony of faith reposed

by investors in a company backed by quality leadership and management, strong business model and a great track record.

"HUDCO IPO witnessed a blockbuster response from participation from top quality global and domestic institutional investors and also received applications from over 2 million retail investors," said Ajay Saraf, Executive Director, ICICI Securities Ltd, a lead manager of the issue.

This was the first IPO of a Central Public Sector Enterprise since April 2012.

The IPO of Housing and Urban Development Corporation (HUDCO) saw huge demand from investors and was oversubscribed 79.53 times. The qualified institutional buyer (QIB) portion was oversubscribed 55.45 times, non-institutional investors a staggering 330.36 times and retail investors 10.79 times.

The IPO of HUDCO received bids worth Rs 97,000 crore.

The price band for HUDCO, which concluded its Rs 1,224 crore initial public offer on May 11, was set at Rs 56- 60 a share.

IDBI Capital Markets, SBI Capital Markets, Nomura and ICICI Securities were the book running lead managers to the issue.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 19 2017. 17:03 IST