The IPO (initial Public Offering) of the Hyderabad-based PSU and missile and weapon manufacturer Bharat Dynamics Ltd (BDL) opened today for subscription. The company is hoping to raise about Rs. 961 crore from the issue, which will remain open for the next three days. Analysts including Angel Broking, Ashika, and Rudra have given subscribe recommendations on the IPO (ICICI Securities recommended subscribe for a long term hold). 

BDL has set a price band of Rs 413 to Rs 428 per equity share of face value Rs 10. The disinvestment is part of Modi government’s ambitious disinvestment program of Rs 72,500 crore for the current FY. Like other PSU IPO offerings, Bharat Dynamics is not entitled to receive any proceeds from the IPO and all the proceeds will go to the selling shareholder.