Initial public offering of Punjab & Sind Bank subscribed 29.77 times on day three. It received bids for 1,190.65 million shares as against 40 million shares on offer. A total of 77.57 million bids were received at cut-off price.

The price band has been set at Rs 113-120 a share. The issue has closed today for qualified institutional investors (QIB). It will close for other investors on December 16.

Punjab & Sind Bank is a GoI undertaking, incorporated in June 1908 in Amritsar. PSB was one of the 6 banks nationalized by the GoI in April 1980 and today, they are one of 19 nationalized banks in India. As on October 31, 2010, PSB had 926 branches and 63 ATMs across India. They have sponsored a regional rural bank, Sutlej Gramin Bank, in collaboration with the GoI and the state Government of Punjab. As on September 30, 2010, PSB had a total of 8,047 employees, serving over 6.6 mn customers.

The retail portion was subscribed 8.38 times on third day. The issue will close for Retail investors on Thursday (December 16). A discount of 5% will be offered to retail bidders and employees on the final price discovered through the book-building route.

The Punjab and Sind bank IPO comprises a net issue to the public of 3.80 crore equity shares and a reservation of 20 lakh shares for subscription by eligible employees. The net issue constitutes 17.04% of the post-issue share capital of the bank.

The IPO got bids for 1190648350 shares, compared with 4 crore shares on offer. Total Bids Received at Cut-off Price was for 77570500 shares. The issue with a price-band of Rs 113-120 per equity share received good response from the retail investors as well.

Tags: allotment status for punjab sind ipo, nse bse listing date for punjab sind, Punjab & Sind Bank IPO listing details, punjab sind bank IPO, punjab sind IPO listing date

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