PFC IPO likely to be oversubscribed 100 times

New Delhi, Feb 6 (UNI) The initial public offering of the country's prime lender in power sector, Power Finance Corporation, is expected to be oversubscribed 100 times.

''The IPO was oversubscribed 70 times till today evening and the book running lead managers (BRLMs) expect it to increase up to 100 times at the closure of the offer,'' a highly placed official source told UNI.

For the 11.74 crore equity shares offered, 77.3 crore bids were received. The offer got subscribed nearly three times receiving 34.40 crore bids The issue, which opened on January 31, closes tomorrow.

The initial public offering expected to raise Rs 1,000 crore, will augment the company's capital base to meet its future capital requirements.

The issue, at a price band of Rs 73-85 per share, will offload 10.22 per cent of the post-issue capital of the company.

UNI