HUDCO IPO to Open on May 8
Housing and Urban Development Corporation will open its Rs 1200 crore initial public offering (IPO) for subscription on 8th May, 2017. The offer for sale is up to 204,058,747 equity shares by the promoter.
The price band of the IPO will be between Rs 56 – Rs. 60 per equity share each of face value of Rs 10 each of the company. This means, HUDCO aims to raise Rs 1,121 crore at lower end of price band and Rs 1,201.1 crore at higher end of price band.
Retail investors and employees will be given a discount of Rs 2 per share on the offer price. The offer will close on 11th May, 2017 and bids will not be accepted on 10th May, 2017, being a public holiday.
The company will not receive any proceeds from the offer as the object is to carry out the disinvestment of 2 crore equity shares by the central government.
IDBI Capital Markets & Securities, ICICI Securities, Nomura Financial Advisory and Securities (India) Private and SBI Capital Markets are the book running lead managers to the offer.