Bharat Dynamics IPO subscribed 45% on day two

Receives bids for 1.02 crore shares

The initial public offer (IPO) of Bharat Dynamics received bids for a total of 1.02 crore shares on the second day of bidding today, 14 March 2018, as against 2.24 crore shares on offer, as per data on the National Stock Exchange of India (NSE) website at 17:00 IST. The issue has been subscribed 0.45 times. The offer comprises of offer for sale (OFS) by Government of India (GoI) of 2.24 crore shares. GoI will hold 87.8% of total paid up equity share capital of the company post listing.

The issue closes tomorrow, 15 March 2018. The price band for the issue has been fixed at Rs 413 to Rs 428 per share.

The objects of the issue is to carry out the divestment program of GoI apart from the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.

Bharat Dynamics reported net profit of Rs 172.59 crore on revenue of Rs 1805.68 crore for the six months ended September 2017.

State-run Bharat Dynamics (BD) is a leading defence public sector undertaking company engaged in the manufacture of surface-to-air missiles (SAMs), anti-tank guided missiles (ATGMs), underwater weapons, launchers, countermeasures and test equipment. The company primarily caters to the requirements of the Indian armed forces.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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