Punjab & Sind IPO : Subscribe
The government-owned Punjab &; Sind Bank (P&S) has priced its initial public offer at Rs 113-120 a share. P&S Bank, the only nationalized bank that remains unlisted, will raise Rs 452 crore to Rs 480 crore through this issue. The issue opens on December 13 and closes on December 16.
The bank will give a 5% discount on the issue price to retail investors and employees. Government’s holding in the bank will fall from 100% to 82% in P&S Bank, post IPO . The bank will sell 4 crore shares, of which 20 lakh shares have been allotted for the employees.
The ongoing initial public offer seems decently priced and investors for listing gains can subscribe to it. The upper price band of Rs 120, fresh issue is being made at book value, which is around Rs 119 as of 30-09-10. Considering expected EPS of around Rs 30 for FY11, the PE multiple works out to 4 times which seems to be quite decent.
Tags: listing news for Punjab & Sind IPO, nse bse news on Punjab & Sind IPO, Punjab & Sind IPO subscribe
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