CSB Public Issue Received Strong Demand From Retail Investors
CSB Bank IPO was opened for subscription on 22nd November. On the first of bidding, it had subscribed to 1,20,87,450 shares against a total of 1,15,54,987 equity shares. The price of the issue set at Rs 193-195 per equity shares.
On the second day of bidding, CSB IPO subscribed for 4,94,25,750 shares against a total of 1,15,54,987 shares. In terms of percentage, retail investors portion was oversubscribed 21.53 times while non-institutional investors portion was subscribed 1.06 times and qualified institutional investors by 26 percent.
The issue will close for subscription on 26th November. Catholic Syrian Bank’s public issue comprises a fresh issue and an offer for sale. It offers up to 1.97 crore shares by existing investors and fresh capital to raise to Rs 24 crore.
Some of the investment experts gave a Subscribe rating to this issue and other ones said that investors may consider investments at their own risk. Although, the issue was subscribed 100% on the first day and oversubscribed on the second day of bidding.
CSB Bank was controlled by Fairfax India. The issue will lead manage by Axis Capital and IIFL Securities. The official of the issue said that the allotment process will start on 2nd December and the eligible investors’ shares will allot on 3rd December.