PNB Housing builds IPO amid bullish market

The second biggest IPO of a blockbuster year in India prices its anchor tranche at the top of the indicative range. It reflects strong interest in the country's residential property sector.

Indian equity bankers are set to end 2016 with a bang as PNB Housing Finance launches the country’s second biggest initial public offering of 2016, potentially adding Rs30 billion $449 million to the total value of what is already a blockbuster year for IPOs.

PNB Housing, the mortgage finance unit of Punjab National Bank, opened the IPO for public subscription on Tuesday after receiving massive demand for the anchor tranche, which accounts for nearly 30% of the total deal, according to sources familiar with the situation.

Unsurprisingly, the offer price for the tranche was settled at the very top of the Rs750 to Rs775 indicative range....

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