State-owned Punjab and Sind Bank will list its equity shares on exchanges on 30 December 2010. Also, it has fixed issue price at higher end of price band of Rs.120 per share. However, equity shares issued to employees and retail investors was given at discount of 5% at Rs.114 per share.
Through this IPO the bank raised Rs.470.82 cr; Also the IPO was subscribed 50.75 times (mainly due to QIB). We will see huge demand of shares on listing, pushing the prices upward in its first day.
We expect listing of Punjab and Sind Bank near Rs.160