Hindustan Aeronautics IPO subscribed 45%, closes today

New Delhi: The Rs 4,230-crore initial public offer of state-owned Hindustan Aeronautics was subscribed 45 percent on the second day of bidding on Monday.

The offer is in a price band of Rs 1,215-1,240 and will close on March 20 (today). The defence behemoth is offering 3.41 crore equity shares of Rs 10 face value. Retail investors are offered Rs 25 discount per share.

The issue through which the company aims to raise Rs 4,230 crore received bids for 1,53,89,868 shares against the total issue size of 3,41,07,525 shares, as per data available with the NSE till 1700 hrs on Monday.

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.

The average cost of acquisition of equity shares by the aerospace firm is Rs 152 per share after the buyback in March 2016 and November 2017.