PNC Infratech's IPO subscribed 14% on second day

The initial public offer of PNC Infratech was subscribed 14 per cent on the second day of the offer today.
The Rs 488-crore public issue received bids for 12,68,680 shares against 90,60,197 shares on offer, data available with the NSE till 1700 hrs showed.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 21 per cent, while the category of non institutional investors saw 23 per cent subscription.
Retail investors pie got subscribed 0.06 times.
The IPO hit the market on Friday and will continue tomorrow.
The company's public issue comprises of up to 12,921,708 shares to be sold in a price band of Rs 355-378 per share. Out of this, the company has allocated 38,61,511 equity shares to anchor investors, collecting Rs 146 crore, at a price of Rs 378 per share.

The Agra-based infrastructure firm can raise up to Rs 488 crore at the upper end of the price band and Rs 456 crore at the lower end.
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.