Public sector lender United Bank of India has 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 state-run lender had entered the primary market with an issue size of five crore shares in the price range of Rs 60-66 per piece. The issue was subscribed over 33 times.
A discount of Rs 3 per share has been offered to retail individual investors and eligible employees, United Bank said in a public announcement today.
At the issue price of Rs 66 per share, the bank raised Rs 324.98 crore.
The public issue of United 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.
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Shares offered through the IPO are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.
The issue constitutes 15.80 per cent of the post issue paid-up capital of the bank.
SBI Capital Markets, Edelweiss Capital and Enam Securities are the book-running lead-managers to the issue.