New Delhi: State-owned Hindustan Aeronautics’ initial public offer (IPO) was subscribed 45% on the second day of bidding on Monday.

The IPO, through which the Bengaluru-based firm aims to raise Rs4,229 crore, received bids for 1,53,96,864 shares against the total issue size of 3,41,07,525 shares, data available with the NSE showed.

The category reserved for qualified institutional buyers (QIBs) was subscribed 77%, non institutional investors 1% and retail investors 20%, merchant banking people in the know said. The IPO is of 34,107,525 shares and is scheduled to close on Tuesday.

The price band for the issue has been fixed at Rs1,215-1,240. SBI Capital Markets and Axis Capital are managing the issue.