India’s Hindustan Aeronautics (HAL) will be ready to launch by July or August this year.
The state-owned aerospace and defense company will wait for the results of the past financial year that are to be audited. The company would be ready for the IPO by July or August, Chairman and Managing Director T Suvarna Raju was quoted as saying by CNBC-TV18 in an interview Monday.
The IPO has been delayed as it required some concessions as far as putting data in the public domain was concerned, he said.
A significant was made on identification of Book Running Lead Managers and preparation of draft red herring prospectus and other necessary documents were in place, Raju had said during Aero India 2017 in February.
The Department of Public Enterprises (DPE) has issued the notification for the listing in October 2015. Hindustan Aeronautics is one of the Central Public Service Undertakings (CPSUs) which has been issued a notification from the Indian government for listing by March 2017.
Indian Defense Minister of State for Defense, Inderjit Singh Rao said in a statement to the Parliament in March last year that “the Government has approved disinvestment of defence sector CPSEs, 5 per cent paid-up equity of BEL out of Government of India’s shareholding of 75.02 per cent, through Offer for Sale (OFS) and 10 per cent of paid-up equity of HAL, through Initial Public Offer (IPO).”
HAL is currently handling many key projects for both the Indian Air force and Indian Navy such as development of Tejas Light Combat Aircraft , Dhruv Advanced Light Helicopters , and the indigenous production of Russian-origin Su-30MKI fighter planes.