Punjab & Sind Bank settled at Rs 127.05 on BSE, a 5.87% premium over the initial public offer (IPO) price of Rs 120. The stock debuted at Rs 146.10, a 21.75% premium over the IPO price. The stock hit a high of Rs 149.70 and a low of Rs 126.20. On BSE, 2.54 crore shares were traded on the counter.

The initial public offering (IPO) of state-run Punjab & Sind Bank was subscribed a staggering 50.75 times. The IPO got bids for 202.98 crore shares, compared with 4 crore shares on offer.

The non-institutional investors portion was subscribed a staggering 85.84 times while the quota reserved for retail investors was subscribed 44.45 times.

The qualified institutional investors (QIB) category was subscribed 49.80 times. Foreign institutional investors (FIIs) put in bids for 35.16 crore shares compared with 1.9 crore shares reserved for the qualified institutional buyers (QIBs) category as a whole. Domestic institutions, other than mutual funds, put in bids for 51.76 crore shares. Mutual funds put in bids for 7.53 crore shares.

Retail investors were allotted shares at Rs 114 each, at a 5% discount to the IPO price of Rs 120.

Punjab & Sind Bank is a Government of India (GoI) undertaking, incorporated in June 1908 in Amritsar. As on 31 October 2010, Punjab & Sind Bank had 926 branches and 63 ATMs across India.

Punjab & Sind Bank reported a net profit of Rs 501.13 crore on net total income of Rs 1576.07 crore for the year ended March 2010.

Powered by Capital Market - Live News