HUDCO makes strong debut on bourses; shares end 21% higher

20 May, 2017, 11:42 | Author: Leticia Walters
  • Hudco IPO subscribed nearly 80 times as investors rush

HUDCO's IPO comprised of offer for sale (OFS) of up to 20.41 crore equity shares by the promoter, the Government of India (GoI).

Hudco ended the session at Rs 72.50, 20.83% above its issue price.

HUDCO's pre-open indicative price stood at Rs 73.45, as against issue price of Rs 60.

MUMBAI Shares in India's state-run Housing and Urban Development Corp Ltd (HUDCO) rose as much as 28.9 percent on its market debut on Friday, after a strong response to the company's 12.2 billion-rupee ($188 million) initial public offering. Those investors who waited for the stock to move upwards after its intraday high of Rs 77.8 per share are now regretting.

The strong debut bodes well for plans by other state-run companies looking to list this year, as India aims to raise 725 billion rupees in the year to March 2018 from asset sales to shrink its deficit. High-net-worth individuals bid for 992 crore shares of the 3 crore shares reserved for them, bidding 330.46 times. The price band for Hudco, which concluded its initial public offer on May 11, was set at Rs 56-60 a share.

The company is conferred with the status of Miniratna (Category-I Public Sector Enterprise) having more than 46 years of experience. The housing finance business accounts for 30.9 percent of the total approximately Rs 37,000 crore loans, while urban infrastructure finance loans and project-linked bonds account for the remaining 69.1 per cent. IDBI Capital, Nomura Financial Advisory and Securities, SBI Capital Markets and ICICI Securities are book running lead managers to the issue.

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