The Rs 42-billion IPO of Hindustan Aeronautics (HAL) was subscribed 45 per cent on Monday, a day before its close. The offering got bids for 15.4 million shares against 34.1 million on offer. The price band for the IPO is Rs 1,215 to Rs 1,240 per share.
Retail investors are being offered a discount of Rs 25 on the allotment price. The IPO is entirely an offer for sale by the government, whose shareholding in the company will drop from 100 per cent to 89.9 per cent post the IPO.
HAL is an aerospace company engaged in the manufacturing and repair of aircraft and helicopters.