Employees Portion of Punjab & Sind Bank IPO Oversubscribed

The Initial Public Offering (IPO) of Punjab & Sind Bank Limited has received excellent response from employees with their portion receiving subscription of 1.61 times.

The Employee Reservation portion has received bids for 3215200 equity shares against the offer of 2000000 equity shares resulting in a subscription of 1.61 times.

Under Employee Reservation bids for 3161150 equity shares were at cut-off price and bids for 54050 shares were price bids.

The recent IPOs of Coal India Limited, MOIL Limited and FPO of Shipping Corporation of India Limited received lukewarm response from employees with under subscription. The gains made by investors in IPOs of Coal India Ltd and MOIL Limited has driven employees to have faith in IPO of Punjab & Sind Bank Limited.

Source : Equity Bulls

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