HUDCO IPO to raise up to $189 million fully subscribed

HUDCO IPO to raise up to $189 million fully subscribed

The company has priced its IPO, which will fetch the government '1,224 crore, between Rs 56-60.

The initial public offering of state-owned Housing and Urban Development Corporation Ltd (Hudco) was fully covered midway through the second day of the issue on Tuesday.

As per data available with the National Stock Exchange (NSE), the 10,00,95,000 shares (49%) are offered to qualified institutional buyers, 3,00,28,500 shares (15%) are offered to non-institutional buyers, 7,00,66,500 (34%) shares are offered to retail institutional investors and 38,68,747 shares (2%) to the employees of the company. On day 1, the issue with 20,40,58,747 shares, received a 63 per cent subscription and the response continued on Day 2 with 90 per cent subscription (as of 10.30 am today, according to figures by Economic Times).

Analysts believe HUDCO has a unique business model.

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The IPO, which does not have an anchor book, will close on Thursday.

Motilal Oswal said, "Hudco's AUM has compounded at 9% CAGR from Rs 30,011.8 crore in FY14 to Rs 35,664.9 crore in FY16". The company is not selling any fresh shares. It's NPA from government sector is only 0.75 per cent.

He further said that the company will play a key role in Government's scheme for Indian housing Infrastructure such as Pradhan Mantri Awas Yojana (PMAY), Deendayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM) and Jawaharlal Nehru National Urban Renewal Mission (JNNURM). HUDCO primarily lends to urban infrastructure projects relating to water supply, roads & transport and power accounting for 69 per cent of the loan book. The company focuses largely on loans to state governments and their agencies and plans to grow the housing finance portfolio, going ahead.

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