MUMBAI: Coal India and Manganese Ore gains have really boosted the confidence of investors in the stock market. The Punjab & Sind Bank Initial Public Offer (IPO) on the last day (December 16) received excellent response from the retail investors, that only the retail portion got subscribed more than 29 times till 6PM on Thursday.
As per the data available at NSE Website till 6 PM, Punjab & Sind Bank IPO was subscribed a staggering 49.78 times on the fourth and the final day of the bidding for the issue today. The IPO got bids for 1991101850 shares, compared with 4 crore shares on offer. Total Bids Received at Cut-off Price is for 457412200 shares.
Bidding for Qualified Institutional Investors (QIB) ended on Wednesday (15 December 2010) with 49.80 times subscription. Foreign institutional investors (FIIs) put in bids for 35.16 crore shares compared with 1.9 crore shares reserved for the qualified institutional buyers (QIBs) category as a whole.
Punjab & Sind BankBidding for Retail Investors closed today with 28.19 times subscription. Retail investors put in bids for 374899350 shares compared with 13300000 shares reserved. Employees portion was subscribed 1.31 times.
The issue comprised a net issue to the public of 3.80 crore equity shares and a reservation of 20 lakh shares for subscription by eligible employees. A discount of 5% will be offered to retail bidders and employees. The price band for the IPO was Rs 113-120 per equity share.
At the lower end of the price-band, the issue will fetch Rs 452 crore to the bank, while on the upper end, it will mop up Rs 480 crore. Bankers to the issue are Axis Bank Limited, HDFC Bank Limited and Kotak Mahindra Bank Limited. Leading book running managers to the issue are SBI capital markets limited, Enam securities private limited and ICICI securities limited.
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