Shares of India’s largest defence public sector undertaking Hindustan Aeronautics Limited (HAL) debuted on Stock exchanges today, marking a weak performance after the company recently winded up its Initial Public Offering. The IPO of Hindustan Aeronautics Limited was under-subscribed.
At 11.25 am, Hindustan Aeronautics shares were trading at Rs. 1,166.25, down 4.01% from its issue price of Rs 1,240. The stock touched a high of Rs.1184.95 & a low of Rs. 1150, on National Stock Exchange.
Hindustan Aeronautics had set a price band of Rs. 1,215 to Rs. 1,240 per share for the Initial Public Offering. The issue, which closed on 20 March 2018, witnessed 99 percent subscription. The government intended to raise around Rs. 4,000 crore by selling 10.2 percent stake in Hindustan Aeronautics Limited.
The company affords end-to-end business operations including product research, design & development, repair & overhaul services, manufacturing & provision of maintenance, covering the entire operational life of its products. Over the years, the company has successfully showcased research and development strengths in developing military aircraft and helicopters.