PTC Financial Services Limited which had launched its IPO between the 9th and 11th of March in a price band of Rs 26-28 was subscribed. The issue comprised of a fresh issue of 12.75 cr shares and an offer for sale of 2.92 cr shares making the total issue size 15.67 cr shares. The price band was Rs 26-28 and there was a discount of Rs 1 for retail investors. The company had allotted 2,35,05,000 equity shares to anchor investors at the top end of the price band of Rs 28. The overall issue was subscribed 1.7 times, with the Non-institutional investor portion remaining under subscribed.

The details of the subscription level in various categories are given below: –

The response in terms of numbers looks a little poor but with the issue coming in the last fortnight of the financial year 2010-11, the figures are not so disappointing. The only area of concern however is the fact that the issue remained under subscribed in the NII category and could garner subscription for just about 22% of the reservation.

Readers would recall that when the parent PTC went public in March-April 2004 and issued shares in a price band of Rs 14-16 had a spectacular response and start. The shares made a high of Rs 61.20 in the first month and closed at a price of Rs 48.20 or treble the issue price. The share indeed had an electrifying start and a great beginning. In the seven year history of the share since being listed the share has never traded below Rs 40 after the first month of listing. The share closed at Rs 81.30 on the BSE on Friday the 18th of March.