Punjab & Sind Bank surges 6 per cent on debut trade
After debuting with a nearly 22 per cent premium on BSE, the state-run lender settled the day at Rs 127.15, up 5.96 per cent over its issue price of Rs 120.
By PTI |
MUMBAI: Trimming its initial gains, Punjab & Sind Bank on Thursday settled with a gain of nearly six per cent on the Bombay Stock Exchange vis-a-vis its issue price on the back of investors locking profit.
After debuting with a nearly 22 per cent premium on BSE, the state-run lender settled the day at Rs 127.15, up 5.96 per cent over its issue price of Rs 120.
Witnessing a similar trend, the stock ended 5.33 per cent higher at Rs 126.40 on the National Stock Exchange.
On the volume front, over five crore shares of the company were traded on NSE.
The bank had fixed the issue price of shares under its recent initial public offer (IPO) at Rs 120 apiece -- the upper end of the price band of Rs 113-120 a share.
Punjab & Sind Bank raised nearly Rs 480 crore through the initial public offer (IPO), which was subscribed 50.75 times.
The bank will use the IPO proceeds to finance its business expansion plans. The funds raised from the IPO will also take care of the bank's credit growth needs over the next two to three years.
Before today, the lender was the sole unlisted nationalised bank out of the 19 in the country.
After debuting with a nearly 22 per cent premium on BSE, the state-run lender settled the day at Rs 127.15, up 5.96 per cent over its issue price of Rs 120.
Witnessing a similar trend, the stock ended 5.33 per cent higher at Rs 126.40 on the National Stock Exchange.
On the volume front, over five crore shares of the company were traded on NSE.
The bank had fixed the issue price of shares under its recent initial public offer (IPO) at Rs 120 apiece -- the upper end of the price band of Rs 113-120 a share.
Punjab & Sind Bank raised nearly Rs 480 crore through the initial public offer (IPO), which was subscribed 50.75 times.
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The bank will use the IPO proceeds to finance its business expansion plans. The funds raised from the IPO will also take care of the bank's credit growth needs over the next two to three years.
Before today, the lender was the sole unlisted nationalised bank out of the 19 in the country.
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