Hudco files for IPO; government to sell 10 per cent stake

Housing and Urban Development Corporation Limited (Hudco) has filed the draft red herring prospectus for an IPO with SEBI, seeking to become the first state-run company to go public in nearly five years. The government will sell a 10 per cent stake through the IPO. After the issue and listing, the government will get three years to trim its stake to 75 per cent as per SEBI’s minimum public shareholding norms. The IPO is estimated to be worth Rs 10 billion.