PNB Housing Finance to make its stock market debut on November 7
DSIJ Intelligence / 07 Nov 2016
The subsidiary of Punjab National Bank is all set to make its stock market debut on November 7. The issue which was opened on October 25 to 27 saw a good response and was oversubscribed by 29.55 times. This was the second largest IPO after ICICI Prudential Life Insurance of 2016.
The subsidiary of Punjab National Bank is all set to make its stock market debut on November 7. The issue which was opened on October 25 to 27 saw a good response and was oversubscribed by 29.55 times. This was the second largest IPO after ICICI Prudential Life Insurance of 2016. The company planned to raise Rs 3000 crore through this IPO in the price band of Rs 750-775 for face value of Rs 10. This IPO is not an offer for sale. Punjab National Bank has 51 per cent stake in PNB Housing Finance which will drop to 35 per cent post the IPO.
The company will utilise net proceeds from this IPO to augment the capital base to meet their future capital requirements; for general corporate purpose; and to enhance visibility and brand name among existing and potential customers. Meanwhile, the Indian markets have opened positive.
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