Hudco lists at 22% premium to price

Equity shares of  Housing and Urban Development Corporation (Hudco) had a good debut on the bourses with shares of the company listing at a 22% to its issue price.

 Hudco’s shares opened at Rs 73 on NSE, against the issue price of Rs 60, hitting a high of Rs 77.85 and a low of 71 in the intra-day trades before finally closing at Rs 72.55. As far as BSE is concerned, shares of the company opened at Rs 73.45, hitting a high and a low of Rs 77.80 and Rs 70.55 in intra-day trades before ending the trading session at Rs 72.50.

 “We are overwhelmed by the response we received from the investors in form of 79.53 times subscription for our IPO. We take this opportunity to thank all the investors who have shown trust in our business and helped make our maiden IPO a successful one as we received 20 lakh applications which is highest for an IPO post-ASBA. I assure them of keeping their trust in us justified in the future as well,”Hudco chairman and managing director M Ravi Kanth said.

Hudco’s initial public offer was subscribed over 79 times with the non-institutional portion and the qualified institutional portion being oversubscribed 330.54 and 55.18 times respectively.

Hudco had set a price band of Rs 56 to Rs 60 per share for its initial public offering (IPO) which opened on May 8, 2017 and closed on May 11, 2017. IDBI Capital Markets and Securities, ICICI Securities, Nomura Financial Advisory and Securities (India) and SBI Capital Markets were the book running lead managers to the offer.