HUDCO IPO oversubscribed 3 times on Day 2

HUDCO is a wholly-owned government company which provides loans for housing and urban infrastructure projects in India

HUDCO is a wholly-owned government company which provides loans for housing and urban infrastructure projects in India

Meanwhile, the retail portion of HUDCO IPO was subscribed over four times (412 per cent) by the end of second day of the issue.

MUMBAI Indian state-run Housing and Urban Development Corp Ltd's (HUDCO) initial public offering of shares to raise up to 12.2 billion rupees ($189 million) was fully subscribed on the second day of the sale on Tuesday, stock exchange data showed. Issue size of the IPO is between Rs 1,128 crore - Rs 1,224 crore. Meanwhile, the category reserved for Qualified Institutional Buyers (QIBs) was subscribed 18 per cent and non institutional investors, 16 per cent.

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The housing and urban infrastructure financier's offer of almost 204.05 million shares had received bids for 205.63 million shares by noon, stock-exchange data showed.

On Tuesday, the quota for retail investors-whose investments can not exceed Rs 2 lakh each-was subscribed about 2.6 times.

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The total worth of the IPO is Rs 1200 crore and the company has over 46 years of experience in offering loans for housing and urban infrastructure projects across India. The IPO is a part of the government's disinvestment programme.

The shares are being offered at a price band of Rs 56-60 per share. A discount of Rs 2 was also offered to all the eligible employees of the company, interested in buying the shares. The company has appointed IDBI Capital Markets, SBI Capital Markets, Nomura and ICICI Securities as the book running lead managers to the issue. "There are no direct listed peers when the Company is considered as a whole as it is catering mainly to state governments for housing and infrastructure projects".

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As of December 31, 2016, the company has sanctioned a total loan of Rs 24,073.63 crore to government and its agencies.

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