HUDCO's debut on exchanges witnesses 21.5 pct premium at Rs. 73.55

Ivan Schwartz
May 19, 2017

The positive start to Hudco's listing follows the IPO, which was subscribed almost 80 times.

The performance of the issue followed the stellar subscription of the Initial Public Offering (IPO), which was nearly about 80 times.

The price band for HUDCO, which concluded its Rs 1,224 crore initial public offer on May 11, was set at Rs 56- 60 a share. At 10.05am, the stock was trading at Rs76 on the BSE, up 27% from its issue price of Rs60 a share. The Qualified Institutional Buyers portion was subscribed more than 55 times with about 38 per cent demand from foreign institutional investors (FIIs).

The initial public offering of state-owned Housing and Urban Development Corporation Ltd (Hudco) was covered three times on the issue's second day on Tuesday, thanks.

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"With the government's focus on affordable housing and public infrastructure, HUDCO has a bright future indeed for long-term investors", said Naveen Jain, proprietor at Chandan Shares.

Shares in the company, which finances housing and urban infrastructure projects, were trading 22.33 percent higher at 73.40 rupees by 0723 GMT, after rising as high as 77.85 rupees, above the IPO issue price of 60 rupees. Both the segments have vast untapped opportunity in India, which would provide potential growth opportunity for Hudco to scale up its operations, Angel Broking said in a note.

It soared 21.66% to list at Rs 73 on the NSE.

Other reports by GizPress

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