PTC India Financial IPO subscribed 1.7 times

The initial public offering of PTC India Financial Services, Indian non-banking financial institution promoted by PTC India, has received mild response from investors. The issue was subscribed just 1.7 times, supported by institutional investors, as per NSE's website.

The reserved portion of qualified institutional investors was subscribed 2.85 times followed by retail investors with 1.18 times. Non-institutional investors' portion remained undersubscribed. The issue received bids for 22.62 crore equity shares as against issue size of 13.32 crore shares (excluding anchor investors book). PTC India Financial is an Indian non-banking financial institution promoted by PTC India to make principal investments in, and provide financing solutions for, companies with projects across the energy value chain. Company hopes to raise Rs 438.76 crore through the issue at higher end of price band of Rs 26-28 a share. Company will not receive any proceeds from the offer for sale, which is about Rs 81.76 crore. The company intends to utilize the proceeds from the fresh issue about Rs 357 crore for augmenting capital base to meet future capital requirements arising out of growth in business.