United Bank of India likely to float IPO by early February

United Bank of India (UBI) is likely to file a red herring prospectus with the Securities and Exchange Board of India for their initial public offer (IPO) next week, Chairman Satish C Gupta has said. "We hope to come out with the IPO by end January or early February," Gupta said. The bank aims to mop up up to Rs 400 crore through the public issue, which will bring down the government's stake in the bank to around 84 per cent. The bank is currently fully owned by the government.