United Bank of India IPO : Finally subscribed 33.38 times

by khalid on 26/02/2010 · 0 comments

United Bank of India is a Government-owned and one of India’s major commercial banks. The Bank has entered the capital market with an initial public offering (IPO) of 50 million Equity Shares of Rs. 10 each for cash, at a premium to be decided through a 100% Book Building Process . The price band for the issue has been fixed at Rs 60 at lower level and Rs 66 at upper level. IPO finally subscribed 33.38 times. IPO was available between 23rd Feb 2010 and 25th Feb 2010 for subscription. United Bank of India has received bids for 1668850900 shares as against issue size of 50000000 shares on the final day.

The category-wise subscription status of United Bank of India IPO is given below:-
QIB: 47.0824 Times
Non-Institutional Investors: 39.1525 Times
Retail: 9.8038 Times
Employee : 0.5301 Times
Overall: 33.38 Times

India’s largest bank SBI has bided for Rs 300 crores worth of shares and Halbis has put a bid for Rs 625 crores. LIC has bid for Rs 209 crores worth of shares. These are the largest bidders.

Issue Detail:-
Issue Period : 23rd Feb 2010 – 25th Feb 2010
Issue Type : 100% Book Building process
Issue Size : 5000000 Equity Shares of Rs 10 each (Rs. 300 – 330 Crores)
Face Value : Rs 10 Per Equity Share
Price Range : Rs 60 – Rs 66 Per Equity Share
Market Lot : 100 shares
Minimum Order Quantity : 100 shares
IPO Grading / Rating : 3 out of 5 (ICRA)
Listing At : BSE and NSE

Book Running Lead Manager(s) to the issue are Edelweiss Capital Limited and SBI Capital Markets Limited.

Registrar of the Issue is Link Intime India Private Ltd. Mumbai.

United Bank of India IPO Allotment Status Can be Found Here.

Post issue, the Government’s stake in UBI would come down to 84.2 per cent from the existing 100 per cent, resulting in a stake dilution of 15.8 per cent.

The company would also offer a five per cent discount over the issue price at the time of allotment of shares to retail investors.

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