PNB Housing Finance debuts on BSE, NSE

Shares of PNB Housing Finance made a strong opening at the bourses, on Monday, by surging over 11 % against the issue price of Rs 775.

The stock opened the day at Rs 863, a sharp gain of 11.35 % over the issue price on BSE. It later touched a high of Rs 902.80, up 16.49 %. On NSE, shares of the company jumped 10.96 % to Rs 860 in its debut trade. The company's market valuation stands at Rs 14,849.83 crore. Its Rs 3,000-crore IPO was oversubscribed 29.55 times during October 25-27.

The company had fixed the price band at Rs 750-775 per share for the offer. Kotak Mahindra Capital Company, DSP Merrill Lynch, JM Financial Institutional Securities, J P Morgan and Morgan Stanley were the global coordinators and book running lead managers for the issue. PNB Housing Finance was the 23rd company to hit the market with its IPO this year.