United Bank of India IPO subscribed 11.24 times

The Initial Public Offering (IPO) of United Bank of India has received excellent response from investors with the issue garnering 11.24 times subscription till 1:00 PM on February 25, 2010.

The issue has received total bids for 561968200 equity shares against the offer of 50000000 equity shares. The IPO has received bids for 24252000 equity shares at cut-off price.

The Bank has come out with IPO of 5,00,00,000 equity shares of Rs 10 each for cash at a price band of Rs. 60/- to Rs. 66/- through 100% book building process. The IPO has received ratings of 4/5 (CARE) and 3/5 (ICRA).

The IPO opened for subscription on February 23, 2010 and closes for subscription today - Thursday - February 25, 2010.

Source : Equity Bulls

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