Receives bids for 1622.93 crore shares
The initial public offer (IPO) of Housing and Urban Development Corporation (HUDCO) received bids for 1622.93 crore shares on the last day of bidding, data showed on NSE. The IPO was subscribed 79.53 times. The issue opened for bidding on 8 May 2017 and closed yesterday, 11 May 2017.
The qualified institutional buyers (QIBs) category was subscribed 55.45 times. The non institutional investors category was subscribed 330.36 times. The retail individual investors (RIIs) category was subscribed 10.79 times.
HUDCO's issue comprised of offer for sale (OFS) of up to 20.41 crore equity shares by the promoter, the Government of India (GoI). The company had set a price band of Rs 56 to Rs 60 per share for its IPO.
The entire proceeds from the OFS will be paid to the government. Post-IPO, the promoter's stake reduced to 89.8% from existing 100%.
HUDCO's net profit stood at Rs 496.29 crore on revenue from operations of Rs 2613.02 crore in nine months ended 31 December 2016.
HUDCO is a wholly owned public sector undertaking (PSU) company, providing loans for housing and urban infrastructure projects in India. The company is conferred with the status of Miniratna (Category-I Public Sector Enterprise) having more than 46 years of experience. The company has a pan-India presence with 21 regional offices and 11 development offices.
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