Bharat Dynamics' Rs 9.6-billion IPO subscribed 47% a day before close

Hyderabad-based Bharat Dynamics is a manufacturer of defence equipment

The Rs 9.6-billion initial public offering (IPO) of state-run Bharat Dynamics was subscribed 47 per cent on Wednesday, a day before its close. 

The offering had received bids for 10.2 million shares as against 22.5 million shares on offer. Bharat Dynamics’ IPO is entirely an offer for sale by the government. 

The centre is selling 12 per cent stake through the IPO. 

Hyderabad-based Bharat Dynamics is a manufacturer of defense equipment. 

The price band for the IPO is Rs413 to Rs 428 per share. 

The centre is offering a discount of Rs 10 per share to retail investors applying in the IPO.