The initial public offer of Indian govt led defence organisation Bharat Dynamics has subscribed 32 percent on the first day of bidding.
The IPO to raise Rs 960 crore received bids for 72,49,970 shares against the total issue size of 2,24,51,953 shares, data available with the NSE till 1700 hrs showed.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 50 percent, non-institutional investors 2 percent and retail investors 21 percent.
The IPO is of 22,451,953 equity shares and bidding for the same would close on March 15.The price band has been fixed at Rs 413-428.
SBI Capital Markets, IDBI Capital Markets & Securities, and YES Securities are the book running lead managers to the offer.
Hyderabad based Bharat Dynamics Limited is India’s one of the manufacturers of ammunitions and missile systems. It was founded in 1970 in Hyderabad, Telangana. BDL was established in the year 1970 to be a manufacturing base for guided weapon systems.
Bharat Dynamics is engaged in the manufacture of surface-to-air missiles (SAMs), anti-tank guided missiles (ATGMs), underwater weapon launchers, countermeasures and test equipment for the defense sector.