United Bank of India closed at Rs 68.80 - up 4.2% from its issue price of Rs 66 per share. Over 28.29 million shares traded hands on the BSE today.
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(Updated at 946 hrs)
United Bank of India (UBI) debuted at Rs 77, a premium of 16.66% over the initial public offer price of Rs 66 per share. The shares are currently trading at Rs 71.
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 and the offer price was fixed at the upper end of the Rs 60-66 price band.
UBI raised Rs 324.98 crore through the public offering and these proceeds would be used to expand the bank's balance sheet and augment its capital base.
The government's stake in the bank, post the IPO, has declined from 100% to 84.20%.
The Kolkata-headquartered bank is mainly present in north and north-east India.