The Rs 4,230-crore initial public offer of state-owned Hindustan Aeronautics Limited (HAL) was subscribed 24 percent on the first day of bidding on Friday.

The issue through which the company aims to raise Rs 4,230 crore received bids for 81,09,300 shares against the total issue size of 3,41,07,525 shares, as per data available with the NSE till 5 pm on Friday.

The category reserved for qualified institutional buyers (QIBs) was subscribed 43 percent, non-institutional investors 1 percent and retail investors 7 percent.

The offer is in a price band of Rs 1,215-1,240 and will close on March 20.

The Bengaluru-based firms IPO is of up to 34,107,525 shares. SBI Capital Markets and Axis Capital are managing the IPO. The shares are proposed to be listed on BSE and NSE.

Source: PTI