Punjab & Sind Bank IPO subscribed 1.58 times on Day 1

State-run Punjab & Sind Bank's (PSB) initial public offer was subscribed by 1.58 times on the first day of issue today.

The stake sale, through which the company aims to garner Rs 480-crore, has so far attracted bids for 6.3 crore shares, as against 4 crore equities on offer, as per data available on the National Stock Exchange (NSE) till 1700 hours.

The IPO saw total demand worth Rs 758 crore on the first day of subscription.

In the portion reserved for the qualified institutional buyers (QIB) the issue got subscribed 2.94 times, Non Institutional Investors 0.18 times and Retail Investors category 0.40 times.

The public offer has been fixed in the price band of Rs 113-120 per share. At the lower end of the price-band, the issue will fetch Rs 452 crore to the bank, while on the upper end, it will mop up Rs 480 crore.

The issue will close on December 15 for the QIB  and on December 16 for other bidders.

SBI capital markets limited, Enam securities private limited and ICICI securities limited are the leading book running managers to the issue.