State-run Bharat Dynamics Ltd's initial public offering (IPO) of shares to raise up to 9.6 billion rupees ($147.9 million) was subscribed 1.3 times on the last day of the sale on Thursday. Investors bid for 29.2 million shares against the 22.5 million shares on offer, stock exchange data as of 1300 GMT showed. The government, which fully owns the guided weapon systems maker, was selling shares in a range of 413 rupees to 428 rupees each.
SBI Capital Markets, IDBI Capital Markets and Yes Securities were the book runners for the offering. Private sector lender Bandhan Bank's up to 44.7 billion rupee IPO, which opened for subscriptions on Thursday, was subscribed 0.4 times on the first day of the sale. The sale closes on Monday. Hindustan Aeronautics Ltd, a state-run military aircraft maker, will take subscriptions for its up to 42.3 billion rupee IPO starting Friday. Including the ongoing sales, Indian companies have lined up more than $2 billion worth of IPOs in March.
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