The offer for sale from Bharat Dynamics Limited was subscribed. The company had tapped the capital markets with its offer for sale of 2,24,51,953 shares in a price band of Rs 413-428. There was a discount of Rs 10 for eligible employees and retail investors. The issue was open from Tuesday the 13th of March and closed on Thursday the 15th of March.

The issue was subscribed 1.5 times by QIB’s and remain undersubscribed by HNI’s who subscribed their portion by 0.50 times. Retail portion was oversubscribed 1.41 times. Employee portion remained undersubscribed at 0.42 times. There were 23,475 applications which means that on basis of minimum lot the issue in retail was subscribed 0.11 times.

Yet another way of looking at it is that the average application size is Rs1,94,000. This if one considers the discount works out to the maximum permissible of 13 lots or 465 shares.

The response overall was unsatisfactory for a good company from the defence sector in a niche segment like missiles.

The full details of subscription are given below: –