United Bank of India IPO Receives Overwhelming Response from Investors

United Bank of India IPO Receives Overwhelming Response from InvestorsThe initial public offering of the government owned United Bank of India, which closed today, has reported to fetch overwhelming response from its varied investors. It has been subscribed 32.92 times, as per data available on the NSE website.

The public issue, which opened on February 23, reported its total bids for over 56.19 shares against five crore equities on offer, data till 1300 hrs with the National Stock Exchange shows.

However, the final figures of the issue would be available only after 1700 hrs.

India's largest bank SBI has bided for Rs 300 crore worth of shares and Halbis has put a bid for Rs 625 crore. LIC has bid for Rs 209 crore worth of shares.

The bank has announced to fix the issue price at Rs 60-66 per share in addition, to a five per cent discount for retail investors.

The 5 crore equity shares IPO opened for subscription on February 23 and the price will be determined through a 100% book building process.

It includes a net issue of 4.75 crore equity shares to the public and a reservation of 25 lakh equity shares for subscription by eligible employees. The issue is expected to 15.80% of the post issue paid-up capital and the net issue shall constitute 15.01% of the post-issue capital of the bank.

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