MUMBAI: Punjab Sind Bank IPO listed on bourses today on December 30, 2010. The shares opened at Rs 144 on National Stock Exchange, up 20% versus its initial public offering price of Rs.120 a share.
The shares offered the premium of 20% over issue price of Rs 120 a share in the early trade. The stock touched a high of Rs 146.70 and low of Rs 127.10 so far. After moving in a price band of Rs. 146.70- 127.10, share was currently trading at Rs 130.15 with volume of 1.8 crore equity shares.
The state-run Punjab Sind Bank raised Rs.471 crore through the IPO. The IPO received an ultimate response from all categories of investors and was subscribed 50.75 times. Retail investors and employees have been given shares at a 5% discount to issue price.
PSB IPO
The qualified institutional investors (QIB) category was subscribed 49.80 times. 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. Domestic institutions, other than mutual funds, put in bids for 51.76 crore shares. Mutual funds put in bids for 7.53 crore shares.
The IPO was opened for subscription during December 13-16. Bank plans utilize the proceeds of IPO to augment capital base to meet the future capital requirements arising out of the growth in assets due to the growth of the Indian economy. Till today, Punjab Sind Bank was the sole unlisted nationalised bank out of the 19 in the country.
The market opened on a firm note this morning and remained well entrenched in positive territory with several blue chip stocks adding on to their early gains on sustained buying support. The Sensex, which surged to 20,364.93, is now up 80 points or 0.4% at 20,336.03. The Nifty is up with a gain of 19 points or 0.32% at 6079.35.
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