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Subscribe to Punjab & Sind Bank IPO: Hem Securities
State-owned Punjab & Sind Bank's 4 crore equity shares initial public offering (IPO) will be opening for subscription from December 13. Hem Securities has recommended subscribing the issue, in its research report.
State-owned Punjab & Sind Bank's 4 crore equity shares initial public offering (IPO) will be opening for subscription from December 13. Hem Securities has recommended subscribing the issue, in its research report.
The bank aims to raise at around Rs 452-480 crore through IPO at a price band of Rs 113-120/share. The issue will close on December 15 for qualified institutional investors (QIB) and on December 16 for other investors.
The report says, "The bank has shown strong performance in its financials. Also, bank outperformed its group average of the public sector banks as well as all banks' average for fiscal 2010 on several financial and risk management parameters like return on advances as adjusted to cost of funds, (ii) return on assets, (iii) net NPA ratio and (iv) business per employee, despite currently being much smaller in size than many of the public sector and other banks with which it compete. Therefore, looking at the valuations and all above, we find issue a very attractive destination to deploy the funds. Hence we recommend investor to subscribe the issue."
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