HUDCO IPO subscribed 19% till afternoon on Day 1

State-owned Housing and Urban Development Corporation's (HUDCO) initial public offer (IPO) to raise Rs 1,224 crore opened for bidding on Monday, and was subscribed 19% till afternoon.

The offer received bids for 38,688,800 shares as against the total issue size of 204,058,747 shares, data available with the NSE till 1245 hrs showed.

Housing and Urban Development Corporation (HUDCO), a 'Miniratna' firm which provides loans for housing and urban infrastructure projects, will close the IPO on May 11 where the government is offering 204,058,747 shares for sale.

HUDCO has fixed the price band of Rs 56-60 per equity share.

The company has appointed IDBI Capital Markets, SBI Capital Markets, Nomura and ICICI Securities as the book running lead managers to the issue.

The shares of the company are proposed to be listed on the BSE and the NSE.

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