PTC Financial Services a co promoted by PSU Entities under PPL has just scratched through its IPO.
Here are the stats
|Sr.No.||Category||No.of shares offered/reserved||No. of shares bid for||No. of times of total meant for the category|
|1||Qualified Institutional Buyers (QIBs)||54845000||156520750||2.85|
|1(a)||Foreign Institutional Investors (FIIs)||36753500|
|1(b)||Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)||108356500|
|2||Non Institutional Investors||23505000||5077500||0.22|
|2(b)||Individuals (Other than RIIs)||1611500|
|3||Retail Individual Investors (RIIs)||54845000||64558750||1.18|
From the table it is clear that the QIB portion has found support from govt entities … maybe thanks to a push or nudge from fin. ministry.
There is hardly any interest from large Non Institutional Investors and HNIs. The pre-IPO valuation of PFS is quite high at 30x P/E,15x P/B and 15x P/S.The company has much higher valuation compared to its listed peer REC and PTC. I wonder how the Govts CCI would value this issue…
People who have subscribed might get full subscription and this issue might just go under. I suspect it will not hold above the 26 mark for long and face the same treatment its
PSU promoters have faced in recent past.