The initial public offer (IPO) of Hindustan Aeronautics received bids for 81.09 lakh shares on the first day of bidding today, 16 March 2018, as against 3.41 crore shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:00 IST. The issue has been subscribed 0.24 times.

The offer comprises offer for sale by the Government of India (GoI) of 3.41 crore shares. The price band for the issue has been fixed at Rs Rs 1,215 to Rs 1,240 per share. The issue closes on Tuesday, 20 March 2018. GoI will hold 89.8% of total paid up equity share capital of the company post listing.

The objects of the issue is to carry out the divestment program of the government of India apart from the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.

On a consolidated basis, Hindustan Aeronautics reported a net profit of Rs 389.70 crore on net sales of Rs 5172.50 crore in the six months ended September 2017.

Hindustan Aeronautics (HAL) is a defence public sector undertaking (DPSU) engaged in the design, development, manufacture, repair, overhaul, upgrade and servicing of a wide range of products including, aircraft, helicopters, aero-engines, avionics, accessories and aerospace structures.