State-owned Punjab & Sind Bank on Friday said it plans to raise about Rs 600 crore through an initial public offer, which is likely to hit market next month or early September. “We are awaiting approval from the government for 25 per cent stake dilution. It can come any time. We hope to get approval next week,” Punjab & Sind Bank executive director, Mr P. K. Anand, said. As part of the IPO, he said, the government would offload 25 per cent stake against 17 per cent planned earlier. Once the nod comes, it will take not more than one more week to file draft prospectus with Sebi, he said. Taking that into consideration, the IPO should be out by August end, he added.