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PNC Infratech IPO to resume today

On its first day, the IPO received bids for 1,16,935 shares against the available offer size of 90,60,197 shares, reflecting a subscription of just 1 per cent.

twitter-logoPTI | May 11, 2015 | Updated 09:40 IST
PNC Infratech IPO to resume today
The IPO hit the market on Friday and the bidding is scheduled to resume on Monday and continue till Tuesday. (Photo: Reuters)

The bidding will resume on Monday for Rs 488-crore Initial Public Offer of PNC Infratech, which has already allocated shares worth Rs 146 crore to a clutch of anchor investors including HDFC Mutual Fund.

The IPO hit the market on Friday and the bidding is scheduled to resume on Monday and continue till Tuesday.

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.

While HDFC Mutual Fund has picked up 25 per cent of the total anchor investor portion, the other anchor investors include Goldman Sachs, Birla Sun Life Trustee, DSP Blackrock India, Reliance Mutual Fund, L&T Mutual Fund, Sundaram Mutual Fund and Kotak Mutual Fund.

On its first day, the IPO received bids for 1,16,935 shares against the available offer size of 90,60,197 shares, reflecting a subscription of just 1 per cent, as per the data available with the stock exchanges.

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.

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