PNC Infratech's IPO sees muted opening

PNC Infratech's up to Rs 488 crore initial public offer (IPO) saw muted investor response on the first day of the offer today.
The IPO received bids for 1,16,935 shares against the issue size of 90,60,197 shares, reflecting a subscription of 0.01 times, latest data available with the NSE showed.
The public issue is of 1,29,21,708 shares (including anchor portion of 38,61,511 equity shares).
The price band is fixed between Rs 355 and Rs 378 per equity share. The infrastructure firm would raise around Rs 488 crore at the upper end of the price band and Rs 456 crore at the lower end.

PNC Infratech has allocated 38,61,511 shares to anchor investors at Rs 378 aggregating to around Rs 146 crore, according to a company statement.
The anchor investors include Goldman Sachs India, HDFC Trustee, Birla Sun Life Trustee, DSP Blackrock India, Reliance Capital Trustee, Reliance Mutual Fund, L&T Mutual Fund, Sundaram Mutual Fund and Kotak Mutual Fund.

The Agra-based firm's issue will close on May 12.
The company has projects in Rajasthan, Punjab, Haryana, Uttarakhand, Uttar Pradesh, Delhi, Bihar, West Bengal, Assam, Madhya Pradesh, Maharashtra, Karnataka and Tamil Nadu.
The book running lead managers to the offer are ICICI Securities and IDFC Securities.