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PTC India Financial Services Ltd (PFS) has pegged the issue price for its recently concluded initial public offering (IPO) at Rs 28, which is the upper end of the price band of Rs 26-28. Retail investors who are entitled for allocation will get it at Rs 27 after a Re 1 discount.
The IPO was subscribed 1.7 times with the company getting bids for 22.60 crore shares against 13.32 crore shares on offer (excluding 2.35 crore shares offered to anchor investors). Through the IPO, PFS was looking to garner up to Rs 439 crore.
While the Qualified Institutional Buyers (QIB) portion was oversubscribed 2.85 times, the retail portion was oversubscribed 1.18 times. The non-institutional category got subscribed only to the extent of 0.22 per cent of the 2.35-crore shares on offer.
Anchor investors were offered shares at Rs 28 apiece, leading to mop up of about Rs 66 crore from the three funds.
Two funds from Capital International and one from Global Investment House had bagged the anchor investor portion.
Prior to the IPO, PTC India held 77.6 per cent stake in PFS, while Macquarie India Holdings Ltd and Goldman Sachs held 11.2 per cent each in the company.
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