State-run National Buildings Construction Corporation's (NBCC) initial public offer (IPO) was subscribed 19% on the first day of the issue today.
The IPO, which closes on March 27, attracted bids for about 2.264 million shares, creating demand worth over Rs 24 crore, by 1700 hrs.
The government expects to raise about Rs 120 crore through the issue of 12 million shares. The price band has been fixed at Rs 90-106 a share.
"We advise the investors to subscribe the issue because of higher return on equity and consistent but steady revenue growth," Keynote Capitals Institutional Research said in a report.
NBCC provides project management consultancy services for construction projects, civil infrastructure for power sector and real estate development.
NBCC is the government's third disinvestment candidate in the current fiscal, after Power Finance Corp and ONGC.
