Punjab & Sind Bank IPO settles 6% up on debut day

MUMBAI: Punjab & Sind Bank’s IPO — 2010’s last IPO to list on bourses — debuted at a 6% premium to the offer price on Thursday. Investors made listing gains in as many as 49 out of the 67 offers that hit the market since January.

The bank’s shares opened at Rs 146.1, a 22% premium over the offer price of Rs 120. The stock scaled a high of Rs 149.7 in early trades, but came off subsequently to close at Rs 127. “The stock looks attractive at the current level, as it is available less than one time its estimated book value for FY12,” said Harjitsingh Sethi, global head (institutional equity), Almondz Global Securities.

PSB’s core banking system has been under implementation which will take one-and-a-half years to complete.