After MOIL and Coal India IPO, another IPO of a government owned enterprise is opening up for subscription on December 13 2010. This time it’s a bank IPO, which is Punjab & Sind Bank IPO. Punjab & Sind Bank IPO will offer 4 crore equity shares through this initial public offering. Out of 4 crore equity shares 3.8 crore equity shares will be offered to public while rest of it is reserved for the employees of the Punjab & Sind Bank. The minimum bid lot size for Punjab & Sind Bank IPO has been fixed at 50 Equity Shares and in multiples of 50 Equity Shares.
Punjab & Sind Bank IPO will open for subscription on 13 December and it will close on December 15 for qualified institutional investors (QIB) and on December 16 for retail investors. The price band for this IPO has been fixed at between Rs 113 to Rs 120 per equity share. This initial public offering has been given an IPO Grade of 4 out of 5 from CARE Ratings indicating above average fundamentals. SBI Capital Markets Limited, Enam Securities Private Ltd and ICICI Securities Limited are the book running lead managers to the issue.
After the successful listing of coal India and tremendous subscription of MOIL public issue this one too is expected to ignite the interest of the investors. The excepted listing date of Punjab & Sind Bank IPO is on or after 26 December.