CSB Bank’s Initial Public Offer Subscribed Nearly Two Times on Day 2

CSB Bank's Initial Public Offer Subscribed Nearly Two Times on Day 2

The share sale would close on November 26 and shares will be allotted on December 2, 2019

 

Thrissur-based CSB Bank’s initial public offering was fully subscribed on the first day of bidding on Friday and continues to receive a robust response from retail investors. The initial public offering (IPO) received bids for 1.98 crore shares against the total issue size of 1.15 crore shares, reflecting 1.71 times subscription, according to data available with the National Stock Exchange at 11.30am.

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The CSB Bank IPO size is about Rs. 410 crore, including fresh sale of Rs. 24 crore and balance being OFS by existing investors. The company, which aims to raise up to Rs. 410 crore, has fixed a price of Rs. 193-195 per share for the IPO. The share sale would close on November 26. The shares will be allotted on December 2, 2019 and listed on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on December 4. CSB is one of the oldest private sector banks in India, with a customer base of nearly 13 lakh people (as on March 31, 2019).