New Delhi: The initial public offering (IPO) of defence company Bharat Dynamics was subscribed 32% on the first day of bidding on Tuesday.
The Bharat Dynamics IPO to raise Rs960 crore received bids for 7,249,970 shares against the total issue size of 22,451,953 shares, NSE data showed. The portion reserved for qualified institutional buyers (QIBs) was subscribed 50%, non-institutional investors 2% and retail investors 21%.
The Bharat Dynamics IPO is of 22,451,953 equity shares and bidding for the same would close on 15 March. The price band has been fixed at Rs413-428. 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, counter measures and test equipment for the defence sector.