HUDCO IPO subscribed by 93% and may achieve full subscription today

HUDCO IPO State-owned Housing & Urban Development Corporation Ltd (HUDCO) on Tuesday, 9 May 2017, witnessed its IPO subscribed 93%, as per data from stock exchanges. The offer has issue size of 20,40,58,747 shares, and the share sale will be closed on 11 May. The total bids obtained by the HUDCO’s IPO figures at 19,00,31,800, while the total bids received at cut-off prices stands at 13,35,00,000.

The reported subscription of qualified institutional buyers is 8%, Non-institutional investors 11%, Retail investors reported 93% and company employees reported 1% in the late morning hours. The offer is following the book building process, where the price band is pegged at Rs. 56 to Rs 60 per equity share.

As per its Red Herring Prospectus (RHP), HUDCO had revenue of Rs. 3,350 Cr in 2015-16, versus with Rs. 3,427.8 Cr in the last year. In 2015 -16 fiscal, the company has reported a profit of Rs. 810.6 Cr, vis-a-vis Rs. 768.3 crore in the previous year.