CSB Bank IPO Day 2: After marvellous start, bank set to add to good news
CSB Bank IPO Day 2: The bank's IPO is expected to do massive business today, even though it was fully subscribed on the first day of bidding on Friday itself. The CSB Bank initial public offering (IPO) received bids for 1,20,87,450 shares against the total issue size of 1,15,54,987 shares, for a toral of 1.05 times subscriptions.
CSB Bank IPO Day 2: The bank's IPO is expected to do massive business today, even though it was fully subscribed on the first day of bidding on Friday itself. The CSB Bank initial public offering (IPO) received bids for 1,20,87,450 shares against the total issue size of 1,15,54,987 shares, for a toral of 1.05 times subscriptions. The issue will close on November 26. Around 20 per cent of the CSB Bank IPO got subscribed within the first hour of its subscription on day one. The CSB Bank IPO has received bids for 21.54 shares, which is around 20 per cent of its issue size of 1.15 crore.
The lenders of the CSB Bank aim to raise up to Rs 410 crore from the CSB Bank IPO. The IPO contains a fresh issue of shares to generate up to Rs 24 crore, and an OFS (Offer for Sale) of 1.97 crore shares by existing investors through which it will sell Rs 385 crore of scrips.
Emkay Global told Zee Business Online, ''The bank has done reasonably well in its first phase of transformation over the past 2-3 years, reducing the influence of unions/a religious institution, rationalizing branches/employees and turning it from a capital-starved bank into a capital-excess bank after onboarding investor-cum-promoter Fairfax. However, we believe that the second phase of transformational journey to take the bank to new growth phase will be challenging, particularly given current stressed scenario and rising competitive intensity, where even established (Federal Bank) and promising banks (RBL) have slipped.''
Key details of CSB Bank IPO
- The CSB Bank IPO will remain open for investment till 26th November 2019.
- The price band for the CSB Bank IPO has been fixed between Rs 193 and Rs 195 per stock.
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- Lot size of the CSB Bank IPO is 75, which means the minimum bid would be of 75 CSB Bank shares and the bid can be raised in multiple of 75 CSB Bank shares.
- The allocation of the CSB Bank IPO will be done on December 2nd while the allocated shares will be credited into the allottees Demat Account on December 3rd.
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