 "PNB Housing IPO opens, raises Rs 894 cr from anchor investors")
PNB Housing Finance, which launched its Rs 3,000 crore initial public offer (IPO) on Tuesday, has raised over Rs 894 crore by allotting shares to anchor investors.
The IPO received bids for 22,07,705 equity shares as against 2,80,77,500 scrips on offer, garnering a subscription of eight per cent till 1230 hours, according to the update available with the stock exchanges.
Promoted by Punjab National Bank, the company is seeking to raise Rs 3,000 crore through the IPO. The issue opened for subscription on Tuesday, and closes on October 27.
The shares were allotted to the anchor investors at Rs 775 per share, the upper end of the Rs 750 to Rs 775 per share price band for the IPO.
Among the anchor investors are SBI Life Insurance, HDFC, Axis MF, IDFC, Franklin Templeton MF and Nomura.
"Under anchor investors (AIs) portion in the public issue of PNB Housing Finance, 11,537,902 equity shares have been subscribed by 45 AIs at Rs 775 per equity share," BSE said.
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The firm would 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.