The initial public offer (IPO) of HUDCO or Housing and Urban Development Corp Ltd (HUDCO), which ended on last Thursday, got an overwhelming response from the investors with a subscription of nearly 80 times. As against the 20.40 crore shares on offer, bids were received for 1,623 crore shares. The category reserved for qualified institutional buyers or QIBs was oversubscribed 55.45 times while that for non-institutional investors saw a huge 330.36 times subscription. Retail investors' portion also received a good response with 10.79 times subscription.
The strong response to HUDCO IPO was partly due to the fact that there was no issue of new shares, thus no dilution of earnings, said Arun Kejriwal, founder of Kejriwal Research & Investment Services. After such a strong response to the IPO, investors would be eager to know about allotment and the basis of allotment of the issue.
Registrar of the HUDCO issue - Alankit Assignments Ltd - is responsible for the allotment of IPO shares and refund process. An Alankit Assignments official said that the basis of allotment has been finalised, and investors will be able to access the details of allotment on the Alankit website from 12 pm onwards today.
Meanwhile, investors can also check details of their application - like bid quantity, price, number of shares allotted - on the Bombay Stock Exchange website. Successful bidders, who have been allotted HUDCO shares, will get the shares credited to their demat accounts by end of May 18.
After allotment, the final step in the IPO process is listing, which in case of HUDCO will happen on May 19, 2017. HUDCO shares will be listed both on National Stock Exchange and Bombay Stock Exchange.
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