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PNB’s IPO garners Rs 690 crore
Our Banking Bureau
4 April 2002

domain-B's currency converter - check it outNew Delhi: The recently concluded initial public offering (IPO) of Punjab National Bank (PNB) has garnered an over-subscription of over 300 per cent, with the total subscription touching about Rs 690 crore against the issue size of Rs 164.49 crore.

PNB chairman and managing director S S Kohli says the issue’s success was due to an aggressive pricing, backed by a very strong marketing effort. “The large over-subscription also shows that investors have confidence in PNB’s fundamental strength.”

The IPO has received 1,50,000 applications from investors. But Kohli says the details of the subscription are not fully available, as it is still under compilation.

The PNB issue, which will result in the government holding in the bank coming down to 80 per cent from the earlier 100 per cent, was open for subscription from 21-28 March 2002. PNB had come up with a issue of 5.30-crore shares of Rs 10 each for cash at a premium of Rs 21 per share aggregating Rs 164.49 crore.

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PNB’s IPO garners Rs 690 crore