The initial public offer (IPO) of Bharat Dynamics received bids for a total of 2.92 crore shares, as against 2.24 crore shares on offer, as per data on the National Stock Exchange of India (NSE) website. The issue was subscribed 1.3 times. The offer comprised of offer for sale (OFS) by Government of India (GoI) of 2.24 crore shares. GoI will hold 87.8% of total paid up equity share capital of the company post listing.

The issue opened for subscription on Tuesday, 13 March 2018 and closed yesterday, 15 March 2018. The price band for the issue had been fixed at Rs 413 to Rs 428 per share.

Category-wise subscription details showed that the qualified institutional buyers (QIBs) category was subscribed 1.5 times, non-institutional investors subscribed 0.5 times and retail individual investors (RIIs) category received a subscription of 1.41 times.

The objects of the issue is to carry out the divestment program of GoI 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.

Bharat Dynamics reported net profit of Rs 172.59 crore on revenue of Rs 1805.68 crore for the six months ended September 2017.

State-run Bharat Dynamics (BD) is a leading defence public sector undertaking company engaged in the manufacture of surface-to-air missiles (SAMs), anti-tank guided missiles (ATGMs), underwater weapons, launchers, countermeasures and test equipment. The company primarily caters to the requirements of the Indian armed forces.