Hindustan Copper's OFS Oversubscribed 3.41 Times on First Day

Hindustan Copper's offer for sale (OFS) saw strong demand from non-retail investors on August 25, the first day of the stake sale. The OFS was oversubscribed 3.41 times, with institutional buyers subscribing for over 8.91 crore shares at an indicative price of ₹520.35 per share.

The bids valued at over ₹4,600 crore are a significant show of interest in the copper mining company. The government of India, which owns a majority stake in Hindustan Copper, is selling over 5.80 crore shares or up to 6% (including 3% green shoe option) of its holdings through a two-day OFS.

The Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said on X that the government has decided to exercise the entire green shoe option. The total offer size will be up to 5,80,21,442 equity shares, with 58,02,146 shares reserved for retail investors.