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HAL IPO witnesses 47% subscription so far on last day


(G.N.S) Dt. 20
New Delhi
Hindustan Aeronautics Ltd (HAL) is an aerospace company engaged in the manufacturing and repair of aircraft and helicopters. The initial public offering (IPO) of Hindustan Aeronautics Ltd (HAL) was subscribed 47% so far on the last day of the share sale on Tuesday.
As of 12.30pm, the IPO received bids for 16,104,804 shares against the total issue size of 34,107,525, according to NSE data. On Monday, the IPO witnessed a subscription of 45%. The category reserved for qualified institutional buyers was subscribed 77%, non-institutional investors 1% and retail investors 20%. Till 5 pm, the offer received bids for 1,53,89,868 shares as against the total issue size of 3,41,07,525, NSE data showed.
The Rs 4,200-crore IPO consists entirely of an offer for sale (OFS) of 10.2 per cent stake by the government. Of the total issue size, 2 per cent i.e. 6,68,775 shares shall be reserved for employees of HAL.
The price band has been fixed at Rs 1,215-1,240. The Centre is offering a discount of Rs 25 per share to retail investors. The offer will close on Tuesday, March 20.The company has set a price band of Rs1,215 to Rs1,240 per share for the IPO, which closes on 20 March. The government aims to raise Rs4,000 crore by selling 10.2% stake in HAL.
The company provides end-to-end business operations comprising product research, design and development, manufacturing and provision of maintenance, repair and overhaul services, covering the complete operational life of its products. Over the years, it has successfully showcased research and development (R&D) capabilities in developing military aircraft and helicopters.

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