BANK NEWS
PNB Home Fin mandates 3 banks for USD 300m IPO
Mumbai: PNB Home Finance has mandated three investment banks - Morgan Stanley, JP Morgan and Bank of America Merrill Lynch - to prepare for a $300-million initial public offering (IPO) later this fiscal, sources familiar with the matter said.
Punjab National Bank (PNB), which owns 51% in the unit, is likely to pare its shareholding, while giving global private equity investor Carlyle liquidity on its 18-month-old investment. Caryle had picked up a 49% stake in the home finance company - which provides loans to purchase and construct residential premises - in early 2015.
The listing of PNB Home Finance could be one of the biggest IPOs to hit Indian bourses after InterGlobe Aviation (IndiGo) raised around $500 million in December last year. The new public market listings have shown some buoyancy after 21 companies raised a cumulative $2 billion last year.
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