PNB Housing IPO: Receives just 20% subscription on Day 1

New Delhi: PNB Housing Finance's IPO was subscribed 20 percent on the first day of the three-day bidding Tuesday.

The Rs 3,000-crore IPO received bids for 55,72,111 shares against the total issue size of 2,80,77,500 shares, data available with the NSE till 1700 hrs showed.

The portion for qualified institutional buyers (QIBs) was subscribed 35 percent and that of non institutional investors 8 percent.

The retail investors category was subscribed 17 percent.

The initial public offer (IPO) attracted more than 75,000 applications on the first day.

PNB Housing Finance has raised over Rs 894 crore by allotting shares to anchor investors.

Promoted by Punjab National Bank, the company is seeking to raise Rs 3,000 crore through the (IPO). The issue closes on October 27.

The company has fixed the price band at Rs 750-775.

The firm will be using the proceeds from the share sale mainly towards augmenting its capital base.

Kotak Mahindra Capital Company, DSP Merrill Lynch, JM Financial Institutional Securities, J P Morgan and Morgan Stanley are the global coordinators and book running lead managers for the issue.