Shares of PNB Housing Finance Ltd debuted 11.4 percent premium on its listing day on Monday after its issue was subscribed 29.5 times for the Rs.3,000-crore initial public offering (IPO) last week.
The stock opened at Rs.863 a share and touched a high and a low of Rs.902 and Rs.860.05, respectively in intraday session.
On 25 October, the lender raised Rs.894 crore from anchor investors including private equity firm General Atlantic, Kuwait Investment Authority, Singapore sovereign wealth fund GIC and insurance companies were among the 45 investors. Other names of investors are SBI Life Insurance, HDFC, Axis MF, IDFC, Franklin Templeton MF and Nomura.
Punjab National Bank (PNB) holds a 51% stake in its housing finance unit, founded in 1988 as a non-banking financial company. Private equity firm Carlyle Group owns the rest. Carlyle acquired the stake from Destimoney Enterprises Pvt. Ltd in February 2015.
In FY16, PNB Housing reported a net profit of Rs.327.60 crore, up 68.78% from a year ago. Net interest income rose 68.4% to Rs.683.8 crore. Provisions jumped 111.86% to Rs.78.60 crore. Gross non-performing assets stood at 0.22% from 0.2% a year ago, while net NPA was at 0.14% from 0.07%. Total advances grew 13.7% to Rs.29,140 crore.
PNB Housing Finance has 48 branches and around 800 employees across northern, western and southern regions. About 40% of its business comes from north India, with south and west both contributing 30% each.
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