IPO of HUDCO witness stellar response; over-subscribed by 3 times

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The Initial Public Offering (IPO) of Housing & IPO, HUDCO, money makerUrban Development Corporation (HUDCO) has been subscribed 3-times on the third day of bidding today. The bidding  for HUDCO’s IPO was opened on BSE and NSE on Monday, 8th May 2017.
The reported subscription of qualified institutional investors today showed 3-times of the reserved portion, while retail investors more than 4-times the portion earmarked for them, and the allocation kept for Non-Institutional  investors was fully subscribed at 94 percent.
HUDCO IPO’s price band was set in the range of Rs 56 to 60 per share with a discount of Rs 2.00 per share for retail investors.
The IPO  is a part of government’s endeavors to meet its disinvestment targets. The government aim to divest 10 percent of its shares through the public offer, which will be open for bidding till today, 11 May 2017. The govt will sell all the 20,01,90,000 shares on offer through OFS route.

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