The initial public offering (IPO) of Bharat Dynamics received 37.23 per cent subscription on the second day of the bidding process on Wednesday.
The total bids stood at 83,75,920 shares till 12.15 pm against the total issue size of 2,24,51,953 shares, NSE data showed.
Bharat Dynamics, a pure defence play, aims to raise Rs 960 crore from the offer. The price band of the issue has been fixed between Rs 413 and Rs 428.
The company is the only manufacturer of anti-tank guided missiles (ATGMs) and surface to air missiles (SAMs). It also manufactures test equipment, underwater weapons, launchers, and countermeasures, among others. Besides, it is co-development partner with the DRDO for the next generation of ATGMs and SAMs. Read More…