Bharat Dynamics IPO subscribed 32% on Day 1

New Delhi: The initial public offer of Defence company Bharat Dynamics was subscribed 32 per cent on the first day of bidding today.

The IPO to raise Rs 960 crore received bids for 72,49,970 shares against the total issue size of 2,24,51,953 shares, data available with the NSE till 1700 hrs showed.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 50 per cent, non-institutional investors 2 per cent and retail investors 21 per cent.

The IPO is of 22,451,953 equity shares and bidding for the same would close on March 15.

The price band has been fixed at Rs 413-428.

SBI Capital Markets, IDBI Capital Markets & Securities and YES Securities are the book running lead managers to the offer.

Bharat Dynamics is engaged in the manufacture of surface-to-air missiles (SAMs), anti-tank guided missiles (ATGMs), underwater weapon launchers, counter measures and test equipment for the defence sector.