Shares of public sector lender United Bank of India will be listed on the stock exchanges on March 18.
The equity shares of United Bank of India shall be listed and admitted to dealings on the exchange with effect from March 18, the National Stock Exchange said in a circular today.
The state-run lender fixed the issue price of its initial public offer at Rs 66 per share — the upper end of its price band — raising Rs 324.98 crore through the share sale.
The bank had entered the primary market with an issue size of 5 crore shares in the price range of Rs 60-66 a piece. The issue was subscribed over 33 times.
The public issue of the bank was open for subscription between February 23 and February 25.
The bank would be utilising the IPO proceeds to expand its balance sheet and augment capital base.
SBI Capital Markets, Edelweiss Capital and Enam Securities were the book-running lead-managers to the issue.