The initial public offering (IPO) of PTC India Financial Services (PIFSL) was subscribed 1.68 times by 17:00 IST on the final day of issue today, 18 March 2011. The IPO received bids for 22.44 crore shares compared with 13.31 crore shares on offer.

The PIFSL IPO consists of a fresh issue of 12.75 crore equity shares and an offer for sale of 2.92 crore equity shares by Macquarie India Holdings. Retail investors will get a discount of Re 1 per share to the final price discovered through the book-building route.

PIFSL on Tuesday, 15 March 2011, finalized allocation of 2.35 crore equity shares to three anchor investors at the top end of the Rs 26-28 per share price band for the initial public offer. The three anchor investors are -- HSBC Bank Mauritius, Capital International and Emerging Markets Growth Fund Inc.

PIFSL is a subsidiary of and promoted by PTC, which is the market leader for power trading solutions in India. PIFSL provides both equity and debt financing, including short-term and long-term debt, as well as structured debt financing to companies with projects across the energy value chain.

PTC currently holds 77.60% of equity share capital in PIFSL. GS Strategic Investments (an affiliate of The Goldman Sachs Group, Inc.) and Macquarie India Holdings (an affiliate of The Macquarie Group) each hold 11.20% of our equity share capital. Post issue PTC's holding will fall to 60% while GS Strategic Investments' holding will fall to 8.66% and Macquarie India's holdings would fall to 3.46%.