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vegassports-odds.com June 20, 2018


Housing and Urban Infra Finance IPO lists at 22% premium

20 May 2017, 11:41 | Melvin Schneider

The company commands a market valuation of Rs 1,567.17 crore

The company commands a market valuation of Rs 1,567.17 crore

It finally closed at Rs.72.50, up 20.83% from the issue price of Rs.60.

Shares of Housing & Urban Development Corporation (HUDCO) listed on the bourses on Friday, gaining more than 20% on the first day as investors lapped up shares of the government-owned entity. Post listing, the stock commands a market capitalisation of Rs 1,479.43 crore. Through the sale, the government aims to sell 10.19% stake in the company which is engaged in wholesale funding and providing loans for housing and urban infrastructure projects.

The initial public offering of state-owned Housing and Urban Development Corporation Ltd (Hudco) was covered nearly 80 times on the final day of the issue.

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As of 11.22 am, Hudco shares traded 23 per cent higher at Rs 73.75.

After witnessing a bumper subscription, state-run HUDCO listed at 21.5 percent premium at Rs 73.55 on the exchanges. The extraordinary over-subscription is a testimony of faith reposed by investors in a company backed by quality leadership and management, strong business model and a great track record.

The Hudco flotation saw huge demand from investors and was subscribed 79.53 times. High-net-worth individuals bid for 992 crore shares of the 3 crore shares reserved for them, bidding 330.46 times. The company has set the initial public offering (IPO) price band between Rs 56- 60, which will fetch the government Rs 1224 crore. IDBI Capital, Nomura Financial Advisory and Securities, SBI Capital Markets and ICICI Securities are book running lead managers to the issue.



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