PNB Housing Finance, that will launch its initial public offering next week, said it will use the IPO proceeds purely for "growth" and expansion of distribution channels to take on its rivals, reported PTI. "This is the first public-private enterprise which is going private by this capital raise of Rs 3,000 crore. If you are going to see what I am lacking, I am only lacking on distribution," Sanjaya Gupta, Managing Director, PNB Housing Finance Ltd told reporters at an interaction. PNB Housing Finance the fifth-largest housing finance company with about 48 branches at 32 locations and the rest four are at 85 locations with 250-300 branches, he said. So distribution network expansion is the focus area for the firm in the future and the IPO proceeds are to be used only for growth, Gupta said. The company has fixed a price band of Rs 750-775 for its IPO that seeks to raise Rs 3,000 crore. The issue will open on October 25 and close on October 27. Detailing about the objects of the issue, the RHP document of the company said it will help augment company's tier-I capital base to meet the future capital requirements which are expected to arise out of the growth of PNB Housings business and assets, primary the housing and non-housing loans. The money garnered through IPO would also help the firm comply with National Housing Board directions on minimum capital adequacy ratio, which consists of tier-I and tier-II capital. "Accordingly, the net proceeds are to be utilised for augmenting our company's capital base which will be utilised towards our company's business and growth including towards onward lending, payment of operating expenditure, purchase of assets and repayment of outstanding loans and interest thereon as part of our business activities," read the RHP. Post IPO, the two promoters of the company, Punjab National Bank (PNB) and Carlyle Group, L P, would together shed around 23.5 per cent stake in PNB Housing. Talking about the housing finance market, Gupta said the overall housing sector is doing but the luxury market. "Housing market is a little sluggish when it comes to the luxury segment but when it comes to mass housing, in micro housing it is quite all right,
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