Punjab & Sind Bank IPO : Finally subscribed 50.75 times

by khalid on 16/12/2010 · 0 comments

The IPO of Punjab & Sind Bank has received a tremendous response from the investors with the final over-subscription figure reached to 50.75 times on an overall basis. Punjab & Sind Bank IPO was open on 13th Dec 2010 and 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 85.84 times on the final day of subscription. The price band for the issue was Rs 113 at lower level and Rs 120 at upper level. 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 category-wise subscription status of IPO on closing day is given below:-

Qualified Institutional Buyers (QIBs) : 49.80 times
Non Institutional Investors : 85.84 times
Retail Individual Investors : 44.45 times
Employee Reservations : 1.61 times
Overall : 50.75 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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