HUDCO makes impressive debut, shares surge over 22 per cent

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State-run HUDCO made a smart debut at bourses, surging over 22 per cent against the issue price of Rs 60.

The stock listed at Rs 73.45, a sharp gain of 22.41 per cent against the issue price, on BSE.

It later touched a high of Rs 77.80, rising 29.66 per cent. It soared 21.66 per cent to list at Rs 73 on the NSE.

The company commands a market valuation of Rs 1,567.17 crore. The IPO of Housing and Urban Development Corporation (HUDCO) saw huge demand from investors and was oversubscribed 79.53 times.

The qualified institutional buyer (QIB) portion was oversubscribed 55.45 times, non-institutional investors a staggering 330.36 times and retail investors 10.79 times.

The price band for HUDCO, which concluded its Rs 1,224 crore initial public offer on May 11, was set at Rs 56- 60 a share.

IDBI Capital Markets, SBI Capital Markets, Nomura and ICICI Securities were the book running lead managers to the issue.