Punjab & Sind Bank IPO subscribed 47.2 times

(Reuters) – State-run Punjab & Sind Bank’s initial share offer was subscribed 50.75 times, data from the stock exchanges showed.

The institutional portion was covered 49.8 times, while the retail portion was covered 44.45 times. The non-institutional investor portion was subscribed 85.8 times, the data showed.

The bank began selling 40 million shares in a price range between 113-120 rupees in an issue that ran Monday through Thursday to raise up to 4.8 billion rupees.

SBI Capital Markets, Enam Securities and ICICI Securities are the managers to the issue.

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