CSB Bank IPO subscribed 7.31 times on day 3

The IPO of Kerala-based CSB Bank has been subscribed 7.31 times on November 26, its third and final day of bidding.

The initial public offering (IPO) of the lender received total bids amounting to 8.4 crore shares on BSE and NSE on Day 3, against the total issue size of 1.15 crore shares, reflecting 7.31 times subscription, as per data available with the National Stock Exchange.

The issue had received a robust response from investors on its second day of bidding on Monday logging 4.28 times subscription. The issue was subscribed 1.05 times on the first day of bidding on Friday.

Allotment for the IPO would be made on December 2, 2019, while the shares will be listed on bourses on December 4.

Formerly Catholic Syrian Bank, the private sector lender aims to raise up to Rs 410 crore through IPO. The price band for CSB Bank IPO has been fixed at Rs 193-195 per share.

The objective of the fresh issue is to augment the bank's Tier-I capital base to meet its future capital requirements.

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