Bharat Dynamics Rs 9.6-bn IPO gets subscribed only 1.3 times on last day

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The Rs 9.6-billion initial public offering (IPO) of state-run Bharat Dynamics received a lukewarm response.

The share sale was subscribed just 1.3 times with high net-worth individual (HNI) and employee portion failing to garner full subscription.

The institutional investor portion of the IPO was subscribed 1.5 times and the retail portion had garnered 1.4 times subscription, as on 5 pm. Bharat Dynamics’ IPO is entirely an offer for sale by the government as part of 2017-18 disinvestment programme.

Hyderabad-based Bharat Dynamics is a manufacturer of defence equipment. The price band for the IPO is Rs 413 to Rs 428 per share. Retail investors will be given a discount of Rs 10 per share on the allotment price.