Indian IPO

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Thursday, February 25, 2010

United Bank of India IPO subscribed 33 times

The initial public offering of a government owned United Bank of India, which closed today, has received overwhelming response from all kinds of investors. It has been subscribed 32.92 times, as per data available on the NSE website.

The reserved portion of qualified institutional, retail and non-institutional investors got subscribed 42.05 times, 4.57 times and 16.3 times, respectively, till 4 pm.

India's largest bank SBI has put in bid for Rs 300 crore worth of shares and Halbis bid for Rs 625 crore. LIC has bid for Rs 209 crore worth of shares.

The 5 crore equity shares IPO opened for subscription on February 23 and the price will be determined through a 100% book building process.

The price band is at Rs 60-66 per share and the issue is available at a 5% discount to retail investors.

It comprises a net issue of 4.75 crore equity shares to the public and a reservation of 25 lakh equity shares for subscription by eligible employees. The issue shall constitute 15.80% of the post issue paid-up capital and the net issue shall constitute 15.01% of the post-issue capital of the bank

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