CSB Bank Makes A Stellar Market Debut, Shares List At 41% Premium
Kerala-based private sector lender CSB Bank had a bumper listing on Wednesday morning. The CSB bank share debuted on the Bombay Stock Exchange (BSE) at Rs 275, which marked a premium of 41 per cent over the issue price of Rs 195. The CSB bank share ended the day at Rs 300, up 54 per cent over its issue price. The Rs 410-crore CSB Bank IPO, which closed for subscription on November 26, was subscribed 87 times. The IPO was priced in a band of Rs 193-195 per share.
The CSB Bank IPO involved a fresh issue of shares to raise up to Rs 24 crore and an offer for sale (OFS) of 1.97 crore shares by existing investors. The public issue was subscribed by a whopping 87 times; the retail individual investors category was subscribed 44.25 times, qualified institutional buyers (QIBs) 62.18 times and non-institutional investors 164.68 times.
CSB Bank is one of the oldest private sector banks in India with a history of over 98 years. It has a strong base in Kerala and a significant presence in Tamil Nadu and Karnataka.
CSB has a network of more than 412 branches excluding 3 service and 3 asset recovery branches and 290 ATMs across India.
After the IPO, the holding of its promoter entity, Fairfax India Holdings Corporation, came down to 49.73 per cent from 50.09 per cent.
Among the other strong debutants this year, IRCTC had listed at a 101 per cent at Rs 644 and Affle India had listed at a 24.82 per cent premium at Rs 929 against its issue price of Rs 745 per share.
Meanwhile, the S&P BSE Sensex index recouped as much as 245.3 points from its day's low of 40,544.82, and the broader NSE Nifty benchmark climbed to touch 12,026.50 on the upside, rebounding 74.95 points from its intraday low of 11,951.55.
