Saturday, February 20, 2010

United Bank IPO - Analysis, Subscription, Allotment and Listing

1 comment
United Bank of India, one of the only two fully state-owned banks in the country has come out with an initial public offering (IPO) to dilute 15.8% stake. The stake sale will mean Punjab and Sind Bank will be the only bank left with 100% government ownership.

The IPO opens on 23 February  in which the company will issue 50 million shares in a price band of Rs 60 to Rs 66. At least 60% of the net issue will be allotted to qualified institutional buyers, including mutual funds, and at least 30% will be allotted to retail investors. The rest will be for non-institutional bidders. The bank will also offer a 5% discount to retail investors.

The book runners for the IPO are SBI Capital Markets Ltd, Edelweiss Capital Ltd and Enam Securities Pvt. Ltd.

The issue had received a great response from investors and was subscribed 33.38 times. Click here to check if you have been alloted United Bank IPO shares!

United Bank closed the first session at Rs 68.75, a premium of 4.17% over its issue price of Rs 66 per share on the NSE. It has touched an intraday high of Rs 77 and low of Rs 74.90, after opening at Rs 74.90. On the BSE, the share ended at Rs 68.80, after seeing day's high of Rs 77 and low of Rs 68.10. The volume was over 2.8 crore shares and the market cap was at Rs 2,177 crore.

Watch out this blog for all the details on subscription, allotment and listing!
If You Enjoyed This, Take 5 Seconds To Share It

1 comment:

  1. Great website I’ve found and very inspiring! Great job!!