Punjab & Sind Bank IPO : Employees give thumbs up

by khalid on 15/12/2010 · 0 comments

The IPO of Punjab & Sind Bank has received a good response from employees with their portion receiving subscription of 1.22 times on 3rd day itself. Punjab & Sind Bank IPO is open from 13th Dec 2010 and will get closed on 16th Dec 2010 for subscription. The IPO has managed to get some what better response from Non Institutional Investors Category where it overbid by 29.91 times on the 3rd day of subscription. The Employee Reservation portion has received bids for 2437050 equity shares against the offer of 2000000 equity shares resulting in a subscription of 1.22 times. Punjab & Sind Bank founded in the year 1908 started functioning from the Holy City of Amritsar with a humble idea to uplift the poorest of poor. Now Punjab & Sind Bank is a major bank in Northern India. The bank has 900 branches spread throughout the country but around 50% of then are located in Punjab.

The recent IPOs of Coal India Limited, MOIL Limited and FPO of Shipping Corporation of India Limited received lukewarm response from Employee with under subscription. The gains made by investors in IPOs of Coal India Ltd and MOIL Limited has driven employees to have faith in IPO of Punjab & Sind Bank Limited.

The category-wise subscription status of IPO on closing of 3rd day is given below:-

Qualified Institutional Buyers (QIBs) : 49.80 times
Non Institutional Investors : 22.91 times
Retail Individual Investors : 8.38 times
Employee Reservations : 1.22 times
Overall : 29.77 times

The issue shall constitute 17.93% of the post-issue share capital of the bank. President of India, acting through the Ministry of Finance, Government of India, holds 100% stake in the bank, which will be reduced to 82.07% post issue.

The equity shares offered through the IPO are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The Book running lead managers to the issue are SBI Capital Markets Limited, Enam Securities Pvt Ltd and ICICI Securities Limited.

Registrar of the Issue : Karvy Conputershare Private Limited, Hyderabad.

Stay tuned to BelltheBull Blog for more on Punjab & Sind Bank IPO !

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