PNB Housing Finance Debuts At 11.4% Premium To Its Listing Price
PNB Housing Finance Ltd. listed at Rs 863 on the Bombay Stock Exchange, at an 11.35 percent premium to the issue price of Rs 775.
The 23rd company to list on the Indian exchanges this year, PNB Housing Finance plans to use the proceeds from the share sale mainly to augment its capital base. The immediate goal is to add 18 new branches in the current financial year, said Sanjay Gupta, Managing Director of the company, in an interview with BloombergQuint on October 18. Of these, six will be in cities that the company currently has operations in, and the rest will be in new locations.
The Rs 3,000 crore initial share sale, which was offered in the Rs 750-775 band, was subscribed 29.53 times. The finance company had raised over Rs 894 crore from anchor investors before the IPO opened for public investors.
The PNB Housing stock traded 14.45 percent higher at Rs 888 as of 11 a.m.
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