Punjab & Sind Bank IPO subscription reaches 4.7 times on Day 2

NEW DELHI: Huge participation from all classes of investors saw the initial public offer of Punjab & Sind Bank (PSB) getting subscribed 4.7 times on the second day of issue today.

The company's Rs 480-crore stake sale has so far received bids for 18.8 crore shares, compared to 4 crore equities on offer, as per data available on the National Stock Exchange (NSE) till 1700 hours.

The IPO witnessed total demand worth Rs 2,256 crore on the second day of subscription.

The portion reserved for the qualified institutional buyers (QIB) got subscribed 6.26 times, while Non Institutional Investors 6.90 times and Retail Investors category 2.09 times.

The public offer has been fixed in the price band of Rs 113-120 per share. At the lower end of the price-band, the issue will fetch Rs 452 crore to the bank, while on the upper end, it will mop up Rs 480 crore.

The issue will close tomorrow for the QIB and on December 16 for other bidders.

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