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10 May 2017, 04:34 | Frank Carlson
The market on Monday witnessed the initial public offering (IPO) of the Government-owned Housing and Urban Development Corporation (HUDCO) in an attempt to raise funds. "At the issue price band of Rs 56-60, the stock is offered at 1.25x-1.35x its 9MFY2017 BV, which we believe is reasonably priced, and hence, recommend SUBSCRIBE to the issue".
The IPO received bids for 29,24,05,600 shares against the total issue size of 20,40,58,747 shares, translating into an oversubscription of 1.43 times, data available with the NSE till 1300 hours showed. The quota of shares reserved for institutional buyers was subscribed around 28%, while that of the non-institutional investors, such as corporate houses and wealthy individuals, was covered almost 33%.
According to Tuesday's figures, the retail portion was subscribed over four times while the institutional part was subscribed nearly three times and the HNI part was almost fully subscribed. Analysts say the strong response from retail investors' category is due to the Rs 2 discount given to this category.
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The shares are being offered at a price band of Rs 56-60 per share. The government has disinvested 10.19 per cent of its stake in this IPO. The company is not selling any fresh shares. IDBI Capital, Nomura Financial Advisory and Securities, SBI Capital Markets and ICICI Securities are book running lead managers to the issue.
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.
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