The initial public offer of defence company Bharat Dynamics was subscribed 46 per cent on the second day of bidding, reported PTI.

The IPO to raise Rs 960 crore received bids for 1,02,44,255 shares against the total issue size of 2,24,51,953 shares, data available with the NSE showed.

The category reserved for qualified institutional buyers (QIBs) was subscribed 50 per cent, non institutional investors 8 per cent and retail investors 57 per cent.

The IPO is of up to 22,451,953 equity shares and is scheduled to close tomorrow.

The price band for the offer has been fixed at Rs 413-428.

SBI Capital Markets, IDBI Capital Markets & Securities and YES Securities are managing the offer.