Hindustan Aeronautics Rs 42.3-bn IPO subscribed 24% on first day of bidding

The Rs 42.3 billion initial public offer of state-owned Hindustan Aeronautics was subscribed 24 per cent on the first day of bidding on Friday.

The issue through which the company aims to raise Rs 42.3 billion received bids for 81,09,300 shares against the total issue size of 3,41,07,525 shares, as per data available with the NSE till 1700 hrs.

The category reserved for qualified institutional buyers (QIBs) was subscribed 43 per cent, non-institutional investors 1 per cent and retail investors 7 per cent.

The offer is in a price band of Rs 1,215-1,240 and will close on March 20.

The Bengaluru-based firm's IPO is of up to 34,107,525 shares.

SBI Capital Markets and Axis Capital are managing the IPO.

The shares are proposed to be listed on BSE and NSE.

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