Here is price band for PNB Hosuing Finance IPO

PNB Housing Finance is set to hit capital markets on October 25 with an initial public offering (IPO) to raise up to Rs 3000 crore. The company has fixed a price band of Rs 750-775 per equity share of face value of Rs 10. The issue will close on October 27.

Kotak Mahindra Bank, BofA Merrill Lynch, JM Financial, JP Morgan and Morgan Stanely are the global coordinators and book running lead managers for the issue. Shares of PNB Housing Finance are proposed to be listed on BSE and NSE.

On financial front, PNB Housing Finance has lowest gross NPA at just 0.22 per cent in FY16 among housing finance companies. The company has posted net profit of Rs 328 crore with a growth of 68.7 per cent on yearly basis.

PNB Housing Finance had filed IPO papers with SEBI in July. On October 6, the markets regulator issued its final observations on the draft offer documents. As per the Draft Red Herring Prospectus (DRHP), it will use funds raised for  augmenting capital base to meet future capital requirements and for general corporate purpose.

Meanwhile, share price of parent shareholder Punjab National Bank (PNB) increased by 3.11 per cent on bourses and is trading at Rs 140.65 on an intraday basis.