Punjab and Sind Bank ends Listing Day with a bleak premium

Punjab and Sind Bank, which listed on the exchanges, today, cooled off quite significantly on the premium count by the close of the listing day. The share initially opened at Rs.146.10 on BSE as against an Issue Price of Rs.120/- per share, at a premium of about 25.75% over the Issue Price, but drifted downwards soon enough from there and finally closed the listing day at Rs.127.05, at a rather distasteful premium of about 5.88% over the Issue Price

On the NSE as well, the share opened at Rs.144/- and touched an Intra-day High of Rs.146.70, before closing the listing day at Rs.126.40, i.e. at a premium of 5.33% over the Issue Price

Although the Issue Price for the Retail and Employees categories was at a Rs.114/- per share, considering a lot of 50 shares per application, there still wasn't much left on the table for the Retail Investors by the close of the Listing day

Punjab and Sind Bank IPO, which closed for subscription on Thursday, December 16, 2010, was finally oversubscribed by excellent oversubscription figures, the overall subscription being a staggering 50.75 times. The Retail Category was subscribed 44.45 times. The subscription in the QIB and HNI Category has also been concrete with those categories getting overbid 49.80 times and 85.84 times respectively