Shares of Kerala-based CSB Bank will list on BSE and NSE on December 4 after the initial public offer (IPO) was subscribed 87 times on November 26. The IPO through which the bank plans to raise Rs 410 crore started on November 22. While, portion meant for non-institutional investors was subscribed 164.68 times, qualified institutional buyers and retail investors put in bids for 62.18 times and 44.53 times for the shares allocated for them.
The issue received bids worth Rs 19,586 crore. 2.10 crore shares of Rs 10 were on offer in the IPO. Of the total issue size, 12.43 lakh shares amounting to Rs 24 crore were part of the fresh issue. 1.98 crore shares of Rs 10 were sold under the offer for sale (OFS) category.
Also read: CSB Bank IPO subscribed 7.31 times on day 3
Price band for CSB Bank IPO was fixed at Rs 193-195 per share. The lender which was formerly known as Catholic Syrian Bank will issue Axis Capital and IIFL Securities are the lead managers to the issue. CSB Bank shares will be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
A day before the IPO, CSB Bank raised Rs 184 crore from anchor investors. It finalised the allocation of 94,54,080 shares at Rs 195 apiece to 24 anchor investors, including five mutual funds. Based on the price, the total proceeds would be little over Rs 184 crore.
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 are among the anchor investors. Allotment for the IPO was made on December 2, 2019.