United Bank of India targets $72mln from IPO

Lender eyes raising the amount by offering 50 million shares worth between $1.3 to $1.43 each.

Chairman Satish Gupta told reporters in Mumbai that the Kolkata-based bank will sell 50 million shares between 60 rupees ($1.3) and 66 rupees ($1.43) apiece starting Feb. 23. The final price will be revealed two days before the issue opens and retail investors will get a 5 percent discount, he said.

The proceeds from the share sale will help the bank meet growing demand for loans in the second-most populous nation, Gupta said. India’s economy, Asia’s third largest, may expand more than 8 percent in the year starting April 1, Finance Minister Pranab Mukherjee told reporters in New Delhi.

"In the last five years, our business has grown at an average 32 percent and we will continue to grow at the same rate in the future," United Bank’s Gupta said.

View the full story in Business Week.