Punjab & Sind Bank IPO garners subscription of 1.58 times on day 1

The Initial Public Offering (IPO) of Punjab & Sind Bank Limited has received subscription of 1.58 times on day 1. The IPO opened for subscription by investors today - December 13, 2010.

The IPO has received total subscription of 63190400 equity shares against the offer of 40000000 equity shares. The issue has received bids for 3310500 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received bids for 55833250 equity shares against the offer of 19000000 equity shares resulting in a subscription of 2.94 times.

The Non Institutional Investors portion of the issue has received subscription of 0.18 times with bids for 1006700 equity shares against the offer of 5700000 equity shares.

The Retail Individual Investors (RIIs) portion of the issue has received bids for 5320750 equity shares against the offer of 13300000 equity shares resulting in a subscription of 0.40 times.

The Employee Reservation portion also received robust demand with bids for 1029700 equity shares against the offer of 2000000 equity shares resulting in a subscription of 0.51 times.

The IPO closes for subscription by QIB bidders on December 15, 2010 and closes for other investors on December 16, 2010.

Source : Equity Bulls

Keywords