PTC India Financial to raise Rs 331-357 cr via IPO

PTC India Financial Services, the non-banking finance arm of power trader PTC India, has priced its initial public offering in the Rs 26-28 band.

Depending on the final pricing, the company could raise between Rs 331-357 crore. The issue will open for subscription on March 16, and comes at a time when some of the recent small sized IPOs have done well despite the overall uncertainty in the market. The issue closes on March 18.

The total issue size is 15.67 crore shares, of which 12.75 crore are a fresh issue by the company, and the remaining 2.92 crore offered by Macquarie India Holdings, an existing investor in the company.

Retail individual investors will get a discount of Rs 1 to the issue price on allotment, the company said.

On a fully diluted equity base, the company