Multiple analysts have given 'subscribe' recommendations for the HAL IPO (whose subscription closes tomorrow), including ICICI Securities, SMC, Angel Broking and others. One of the obvious strengths HAL has for analysts is the competitive edge in government access, giving it a large moat verses other potential players. In India, HAL is currently the sole manufacturer and integrator of the country's defence aircrafts, helicopters and jets. The company also has a strong order book of Rs 68,461 crore as of the end of 2017, giving investors a revenue visibility of over three years.

The company's modernization focus combined with what analysts see as a reasonable valuation has resulted in positive recos across the board so far. It remains to be seen if any brokerages raise red flags, but for now it looks like a smooth flight to a listing.

Company image: Hawk-i