Hudco's Rs1,220-cr IPO fully subscribed

The Rs1,220-crore ($189 million) initial public offer of state-run Housing and Urban Development Corp Ltd (Hudco) was fully subscribed on the second day of the sale, on Tuesday, stock exchange data showed.

The housing and urban infrastructure financier's offer of nearly 204.05 million shares had received bids for 205.63 million shares by noon, stock-exchange data showed.

On Tuesday, the quota for retail investors - whose investments cannot exceed Rs2 lakh each - was subscribed about 2.6 times. The quota of shares reserved for institutional buyers was subscribed around 28 per cent, while that of the non-institutional investors, such as corporate houses and wealthy individuals, was covered nearly 33 per cent.

The IPO had covered nearly two-third of the total subscription amount on the first day of bidding on Monday.

The IPO, which does not have an anchor book, will close on Thursday. The company is not selling any fresh shares.

Hudco is seeking a valuation of Rs12,011.4 crore ($1.87 billion) through the IPO.

The government, which fully owns Hudco, is selling about 10 per cent stake in a price range of Rs56 to Rs60 a share in the IPO that closes on Thursday.

The IPO is the first by a state-run company since NBCC (India) Ltd's listing in 2012.