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CSB Bank IPO’s Retail Category Fully Subscribed On Day One

By Staff
|

CSB Bank's Rs 410 crore IPO (initial public offering), that opened on 22 November, received full subscription (5 times) for its retail investors' category by evening on its opening day.

The issue has a 75 percent reservation for qualified institutional buyers (QIBs), 15 percent for non-institutional investors and 10 percent for retail investors. The QIB and non-institutional investor category hasn't been completely subscribed yet.

CSB Bank IPO’s Retail Category Fully Subscribed On Day One

 

It was open for anchor investors on 21 November and as per a regulatory filing, CSB Bank has finalised the allocation of 94,54,080 shares to 24 anchor investors, including Omers Administration Corporation OAC Custody Account (SCV6), ICICI Prudential MF, SBI MF, Aditya Birla Sun Life Trustee, Axis MF, Sundaram MF, HSBC and Ashoka India Opportunities Fund. Rs 184 crore was raised from anchor investors.

The ongoing issue of the oldest private bank in India, that was formerly known as Catholic Syrian Bank, is open for subscription till 26 November. The IPO includes a fresh issue of shares at the face value of Rs 10 to aggregate Rs 24 crore and an offer-for-sale (OFS) of 1.97 crore shares by existing investors to raise Rs 385 crore.

The price band for the issue is fixed at Rs 193 to 195 per share.

The primary objective of the IPO is to get the bank listed to meet regulatory requirements set by the Reserve Bank of India. While proceeds from the OFS will not be received by CSB Bank, proceeds from the fresh issue will be used to augment the bank's tier-1 capital base and to meet its future capital requirements.

Read more about: catholic syrian bank ipo
Story first published: Friday, November 22, 2019, 16:43 [IST]
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