IPO Update - Punjab & Sind Bank

Punjab & Sind Bank
Price Band: Rs 113 to Rs 120
Issue Opens on: December 13, 2010 | Issue Closes on: December 16, 2010

Issue Opens: December 13, 2010
Issue Closes: December 16, 2010
Lot Size: 50 Shares & in multiples of 50 shares thereafter
Price Band: Rs113 - Rs120
Issue size: Rs 480 crore
IPO Rating: "CARE" IPO Grade 4/5 means 'Above Avg. Fundamentals'
* (5% discount on issue price to retail investors and employees)

Issue highlights (source: BRLM/RHP)

  • Punjab & Sind Bank (PSB) is a nationalised bank incorporated in 1908 with predominant exposure to north India.

  • PSB acts as the lead banker in three districts of Punjab, ie Ludhiana, Faridkot and Mogait, and has a total of 8,116 employees, serving over 0.60 crore customers.

  • PSB currently operates approximately 926 branches and has 63 own ATMs and access to more than 50,000 ATMs across the country for its customers.

  • The primary business operations of PSB are divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services, such as agency functions for insurance, distribution of mutual funds, and pension and tax collection services.

  • In retail banking, the bank provides loans and advances for housing, trade, automobiles, consumer durables and education as well as personal loans.

  • PSB is planning to broaden its product base and service offerings to its clients. For instance, PSB proposes to roll out Internet banking systems, offer mobile banking services, install new ATMs, provide client loan syndication and give higher focus on high-margin agency and distribution agreements amongst others.

  • Financial Performance: The PSB's total consolidated income stood at Rs4,326.30 crore (FY2010) vs Rs1,401.93 crore (FY2006) and its net profit stood at Rs506.82 crore (FY2010) vs Rs285.68 crore (FY2006). The bank has registered a CAGR of 21.1% in net total income, 35.6% in operating income and 15.1% in net profit over the period 2006-2010.


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