HUDCO IPO opens on 8 May

The IPO size is of up to 20.41 crore equity shares

Housing and Urban Development Corporation (HUDCO) is coming up with an initial public offering (IPO) of offer for sale (OFS) of up to 20.41 crore equity shares by the promoter, the government of India (GoI). The company has set a price band of Rs 56 to Rs 60 per share for its IPO. The IPO will open on Monday, 8 May 2017 and closes on Thursday, 11 May 2017.

The entire proceeds from the OFS will be paid to the government. The OFS will mop up proceeds of Rs 1127.94 crore at the lower price band of Rs 56 per share and Rs 1209.56 crore at the upper band of Rs 60 per share. Post-IPO, the promoter's stake will reduce 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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