State-run United Bank of India (UBI) today listed with a premium of 17 per

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cent on the BSE, over its issue price.

Shares of the bank opened at Rs 77, also its early morning high on the Bombay Stock Exchange, over its issue price of Rs 66.

"Fuelled by positive sentiments, the stock listed with a premium on the bourses. However, the it will see some profit booking later and will perform as per the other banking stocks listed," SMC Global Vice-President Rajesh Jain said.

On the National Stock Exchange, the stock listed at Rs 74.90, up 13.48 per cent.

A total of 1.79 crore shares of UBI changed hands on the bourses in the early morning trade. The company has offered 31.64 crore shares for the public subscription.

With the listing, the government stake in United Bank has now come down to 84.2 per cent from the earlier 100 per cent, resulting in stake dilution of 15.8 per cent.

The bank will utilise the IPO proceeds to expand its balance sheet and augment capital base.

Last month, the initial public offer (IPO) of the state-run United Bank of India (UBI) got a stupendous response with the issue getting subscribed nearly 33 times on huge demand by retail investors.