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.

Bidding for non institutional, retail investors and the bank's employees ended on Thursday, 16 December 2010. The non institutional investors portion was subscribed a staggering 85.84 times while the quota reserved for retail investors was subscribed 44.45 times. Employees' portion was subscribed 1.61 times.

Bidding for qualified institutional investors (QIB) had ended on Wednesday, 15 December 2010 with 49.80 times subscription. 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.

The price band for the IPO was Rs 113-120 per equity share. The issue comprised a net issue to the public of 3.80 crore equity shares and a reservation of 20 lakh shares for subscription by eligible employees. A discount of 5% will be offered to retail bidders and employees on the final price discovered through the book-building route.

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.

The issue was assigned 'Grade 4' by Credit Analysis & Research (CARE), indicating above average fundamentals.

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