Housing and Urban Development Corporation (Hudco) on Thursday launched a Rs1,200-crore initial public offering, becoming the first Central unit to hit the market with an IPO since 2012. The fully-owned Government corporation has set a price band of Rs56-60 per equity for the issue, through which the Centre will dilute 10.19 per cent of its holding. The issue will open on May 8 and close on May 11.