Punjab NationalBank Housing Finance, subsidiary of state-run Punjab National Bank, filed itsdraft red herring prospectus (DRHP) for an initial public offering (IPO) to raise up toRs 2,500 crore. It is offering shares at a face value of Rs 10. The price band,date of the IPO and number of shares up for sale have not been disclosed.
The company has reserved up to 60 percent of the issued share for qualified institutional buyers (QIB), up to 15 percent for non-institutional investors (NII) and around 35 percent for retail Investors.
The shares will be listed on the National Stock Exchange and the Bombay Stock Exchange.
PNB Housing finance has appointed Kotak Mahindra Capital Ltd., Bank of America Merrill-Lynch Ltd., JM Financial Institutional Securities Ltd., and Morgan Stanley India Private Company Ltd. as lead managers for the issue.
PNB owns 51 percent stake in the housing finance arm, while 49 percent is owned by financial services firm Destimoney Enterprises Ltd.
The company has a net worth of approximately Rs 2,144 crore. Its total revenue has risen at a compounded annual growth rate (CAGR) of 55.5 percent to Rs 2,699.5 crore in FY16. In the same period, its net profit rose at a CAGR of 43.4 percent to Rs 327.5 crore.
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