Receives bids for 61.39 crore shares
The initial public offer (IPO) of Housing and Urban Development Corporation (HUDCO) received bids for 61.39 crore shares on the second day of bidding, as per the data showed on NSE as at 17:00 IST. The IPO was subscribed 3.01 times. The issue opened for bidding yesterday, 8 May 2017 and closes on Thursday, 11 May 2017.
HUDCO's issue comprises 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 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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