I had attended the pre-IPO meet (at Trident Mumbai) of PNB Housing Finance where the management of the company had given presentation followed by Q&A. I had no intentions of applying in IPO though. The entire meet was driven by their MD Mr. Sujoya Gupta.
He had said the only thing common with PNB (their parent bank) was the 3 alphabets of English language...."PNB". The entire management is different and not linked with PNB in any manner.
From the way he was talking about the company, its history, its processes and all his claims are backed by numbers.
Fortunately for me I was so impressed and although it was slightly expensive at that time (around 2.7-2.8 times book post IPO). I applied in IPO and was lucky to get the shares.
This post is to state the fact the management of PNB housing is different from PNB and the results are there in the numbers to see.