Bharat Dynamics IPO subscribed 32 percent on Day 1

The IPO to raise Rs 960 crore received bids for 72,49,970 shares against the total issue size of 2,24,51,953 shares, data available with the NSE till 1700 hrs showed.

Published: 13th March 2018 08:12 PM  |   Last Updated: 13th March 2018 08:12 PM   |  A+A-

Surface-to-air missile defense system developed by the DRDO and produced by Bharat Dynamics Limited | PTI

By PTI

NEW DELHI: The initial public offer of Defence company Bharat Dynamics has subscribed 32 percent on the first day of bidding today.

The IPO to raise Rs 960 crore received bids for 72,49,970 shares against the total issue size of 2,24,51,953 shares, data available with the NSE till 1700 hrs showed.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 50 percent, non-institutional investors 2 percent and retail investors 21 percent.

The IPO is of 22,451,953 equity shares and bidding for the same would close on March 15.

The price band has been fixed at Rs 413-428.

SBI Capital Markets, IDBI Capital Markets & Securities and YES Securities are the book running lead managers to the offer.

Bharat Dynamics is engaged in the manufacture of surface-to-air missiles (SAMs), anti-tank guided missiles (ATGMs), underwater weapon launchers, countermeasures and test equipment for the defence sector.

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