Hindustan Copper OFS Opens for Retail After 3.41x Institutional Bid

The government's divestment programme in Hindustan Copper comes as the metal has seen steady demand from the power and infrastructure sectors. The company is India's only vertically integrated copper producer, operating mines, a smelter, and refining facilities. Higher global copper prices have supported earnings, though the company's financial results were not cited in the OFS announcement.

Retail investors had until the close of Wednesday's session to bid. The institutional portion filled rapidly on Tuesday, a sign of appetite for the stock at the floor price. The government will receive the proceeds from the stake sale, which is part of its broader disinvestment target for the current fiscal year.

The stock's 5.6% gain on Wednesday suggests the OFS floor price offered a discount to the prevailing market price. At the floor of ₹514, the implied valuation was roughly ₹48,600 crore. The day's high of ₹562.60 stood 9.5% above the floor price, giving retail bidders a potential paper gain if the stock holds those levels.