UBI IPO set at price range of Rs 60-Rs 66

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UBI IPO at price range of Rs 60-Rs 66
Mumbai, Feb 18: United Bank of India, which is reportedly planning on selling 50 million shares in an initial public offering (IPO), has set the IPO price range between Rs 60 and Rs 66 apiece.

"We are pricing the issue at 0.7 times book value," Satish C Gupta, chairman and managing director, informed in a press conference.

The State-run lender is planning on diluting 15.8 per cent stake and raise Rs 3.50 billion.

Subscriptions for the IPO will start on Tuesday, Feb 23, and end on Thursday, Feb 25.

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