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PNB Housing Finance IPO Allotment Status & Date, Listing Date & Price, Unblocking of funds, Credit of shares – Review & Details,

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Have you applied for PNB Housing Finance IPO want to check the allotment status? You can check the allotment status at their registrar link below (Link Intime) by entering your PAN or Application ID or DMAT ID :

http://linkintime.co.in/PublicIssues/default.aspx

The allotment is done now and you can check at the link above. The Shares will be listed on 7th Nov 2016.

Update Day 3 –  The issue is oversubscribed 30 times  with QIB obersubscribed 37.3 times, NII 86 times, Retail 1.34 times.

Update Day 2 Over subscription details –  QIB quota is almost fully subscribed (0.92) , Retail quota is subscribed 0.57 times.

PNB Housing Finance has announced its Rs 3000 crore IPO. It is the leading housing finance firm which promoted by Punjab National Bank. 

Issue Details  of PNB Housing Finance IPO:  

  • IPO Open :  25th to 27th  Oct  2016
  • Issue Price band:  Rs 750 – Rs 775   (Employees may get shares at a discount of Rs 75 per share to the issue price. 
  • Issue Size:   Rs 3000 crore
  • Market lot :   19 shares or multiples
  • Minimum Investment:  
  • Book Running Lead Managers :   Kotak Mahindra Capital Company, DSP Merrill Lynch, JM Financial Institutional Securities, JP Morgan India and Morgan Stanley India Company
  • Registrar – 
  • Listing: BSE/NSE

PNB Housing Finance IPO Issue Allocation

  • Qualified institutional buyers (QIBs) –  % of the total issue size.
  • Non-institutional investors (NIIs) –  % of the issue size.
  • The retail quota limit in the issue = % of the issue size.

PNB Housing was the fifth largest housing finance company (HFC) in India by portfolio size as of September 30, 2015.  The HFC has 47 branches, supported by 16 processing hubs, three co-located zonal offices and a CSO in New Delhi. About 40% of the lender’s loan portfolio originated in states in the northern region, whereas about 30% each of its loan portfolio originated in states within the western and the southern regions.

Housing loans constituted nearly 70% of the company’s total loan portfolio. Of that, retail home loans accounted for 86% of total home loan book.

The NBFC’s non-housing loan volume stood at 30% of its total loan portfolio while retail loans accounted for 78%  of total non-housing loan portfolio.

The lender’s gross NPAs to total loan portfolio stood at 0.27 %  at the end of June quarter, compared with 0.22% at the end of FY16

 

Promoters holdings:  At the end of March 2016, PNB had 51% stake in the company. Post IPO, it would continue to hold approximately 38% stake. Another investorarlyle Group’s holdings will come down from 49% to 37%.

Objective of the issue:  The proceed from IPO will be used to increase its capital base.

Financials: For the year ended March 2016, PNB Housing Finance reported a profit after tax of Rs 327.57 crore while revenue from operations stood at Rs 2,699.54 crore in the same period.

The HFC’s loan portfolio grew at a CAGR of 62%  to Rs 27,177 crore as of March 31, 2016 from a mere Rs 3,970 crore as of March 31, 2012. As of June 30, the lender’s loan portfolio stood at Rs 30,900 crore.

The lender had reported an earnings per share (EPS) of Rs 27.58 in FY16.

LIC Housing Finance
       31008 44.43 28.25   1352 30.43
LIC Housing 12503 33.05    
  2016 2015 2014 2013 2012
Revenue 2700 1780 1120 666 461
Revenue Growth 52% 59% 68% 44%  
           
Profit after tax 328 194 130 93 77
PBT Growth 69% 49% 40% 21%  
           
EPS 27.58 24.15 25.87 19.55 21.24
           
Gross NPA 0.22% 0.20% 0.32%    
           
ROE 17.60% 15.45% 16.71%    

 

Anchor Investors:  The company received bids for as much as 30 times the value of the anchor book on offer.

Risks:

Valuation as compared to its peers:

  Revenue EPS PE   CMP  
PNB 2700 27.58 27 (approx)      
             
HDFC 14.97   613 18.55
IndiaBulls Housing 9226 59.84 11.21   863 14.42
Gruh Finance 1275 6.7 42.8   347 51.79
Dewan Housing 7857 25.69 7.93   323 12.57
Repco Home 882 24.68 31.13   774 31.36
Can Fin Homes         1825  
GIC Housing         345  
 

Should you invest:     

PNB housing has EPS of 27.58  and at the upper price range of Rs 775, the PE ratio will be approx 27.4.  This PE ratio is high as compared to other established players like LIC housing (18.63 PE Ratio) , IndiaBulls Housing (14.38). 
 
Investors may invest for medium to long term perspective.
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