CSB Bank IPO To Be Launched On 22 November

On Tuesday, CSB Bank Limited (formerly known as Catholic Syrian Bank Limited) said that it will launch its initial public offering between 22 to 26 November at a price band of Rs 193-195.

The Rs 410 crore IPO will take bids for a lot size of 75 shares and its multiples.

The proposed issue will see the Kerala-based private lender raise fresh capital worth Rs 24 crore. Besides that, its existing shareholders, including ICICI Lombard General Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, Federal Bank, Bridge India Fund, Satellite Multicomm, Way2Wealth Securities and Edelweiss Tokio Life Insurance, will sell 19.78 million shares in the company for Rs 385.71 crore via the offer-for-sale route.

The IPO's red herring prospectus says that the proceeds from the fresh issue will be used during the current fiscal to augment the bank's tier-1 capital base and to meet its future capital requirements.

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 book running lead managers to the issue are Axis Capital and IIFL Securities.

Last month, CSB Bank received authorization from SEBI to go ahead with the initial share sale.