Having secured markets regulator SEBI’s nod, PNB Housing Finance is likely to launch the initial public offering (to raise Rs. 2,500 crore as early as next month.
The
leading housing finance firm had filed IPO papers with SEBI in July and
got final approval last week. “The board will meet soon to finalise the
dates. The IPO is likely to hit markets in November,” a source told
With
over two decades of specialised experience in housing finance, PNB
Housing has a robust network of branches and provides housing loans to
individuals and corporates for construction, purchase, repair and
upgradation of houses.
It also provides loans for
commercial space, loan against property and loan for purchase of
residential plots. “We plan to list the company to enhance our
visibility and brand name among existing and potential customers,” the
source added.
PNB Housing Finance would be using the proceeds from the share sale mainly towards augmenting its capital base.
The company plans to raise up to Rs. 2,500 crore through the initial share sale and a portion would be reserved for the employees.
Promoted
by Punjab National Bank which holds 51 per cent stake, PNB Housing
Finance commenced operations in 1988. Its stake will come down to around
35-37 per cent post the share dilution in the IPO.
So
far in 2016, as many as 22 companies have hit the markets with initial
public offering, the largest being ICICI Prudential Life Insurance’s Rs. 6,057—crore IPO.
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