IPO Review: Punjab & Sind Bank IPO fully subscribed

 

 

The IPO price band was fixed at Rs 113 to Rs 120.

 

The initial public offering (IPO) of Punjab & Sind Bank have been subscribed 1.58 times. The issue got total bids for over 63.19mn shares as against 40mn shares on offer, as per the data available with the National Stock Exchange.

The QIB portion was subscribed 2.94 times, while the Non-Institutional (HNI) section was subscribed 0.18 times and Retail by 0.40 times.

 

The IPO began on Dec 13 and will close on Dec 16. The issue will for QIB bidders will close on Dec 15. The IPO price band was fixed at Rs 113 to Rs 120.

 

The book running lead managers to the issue are SBI capital markets limited, Enam securities private limited and ICICI securities limited.

 

The Issue has been graded by Credit Analysis & Research Limited and has been assigned a grade of CARE IPO Grade 4 indicating above average fundamentals.
 
Up to 50% of the Net Issue will be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") (the "QIB Portion"). Further 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder shall be available for allocation on a proportionate basis to QIBs and Mutual Funds, subject to valid Bids being received from them at or above the Issue Price.

 

Further, not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.

Any Bidder may participate in this Issue through the ASBA process by providing the details of the relevant bank accounts in which the corresponding Bid amounts will be blocked by Self Certified Syndicate Banks ("SCSBs")