HUDCO Opens To A Robust Listing With 21% Premium At Rs 73.55

The company commands a market valuation of Rs 1,567.17 crore

The initial public offering of state-owned Housing and Urban Development Corporation Ltd (Hudco) was covered nearly 80 times on the final day of the issue.

As of 11.22 am, Hudco shares traded 23 per cent higher at Rs 73.75. At the issue price of Rs 60, Hudco shares were valued at 1.35 times its FY2017 estimated book value, which is a reasonable valuation, said Angel Broking. At the NSE, stock opened at Rs 73 a share as against issue price of Rs 60 a share.

MUMBAI/BENGALURU, May 19 Shares in India's Housing and Urban Development Corp Ltd (HUDCO) surged almost 30 percent at their market debut on Friday as investors sought to buy into the property sector of a country where housing demand is among the highest in the world. It later touched a high of Rs 77.80, rising 29.66%.

The government sold just over a tenth of its stake in a heavily oversubscribed initial public offering that raised 12.2 billion rupees ($188 million).

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This is the first IPO of a Central Public Sector Enterprise since April 2012. The qualified institutional buyer (QIB) portion was subscribed 55.45 times, non-institutional investors a staggering 330.36 times and retail investors 10.79 times.

ICICI Securities, SBI Capital Markets, IDBI Capital Markets, Nomura and a few others were the leading funds to the issue.

Of the total outstanding loan of Rs 36,385 crore as on December 31, 2016, HUDCO has financed 69 per cent to urban infrastructure projects and 31 per cent to the housing sector.

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