CSB Bank to make stock market debut on December 4
The shares of CSB Bank on Wednesday made a bang on listing. As against the issue price of Rs 195, the stock opened at Rs 275, and surged to a high of Rs 306.80 on the NSE.
Currently, the stock is ruling at Rs 299 a 54 per cent over the issue price.
This follows IRCTC public issue which was subscribed 112 times in early November. As against the issue price of Rs 320, the PSU's shares got listed with almost 100 per cent gain at Rs 626. Currently, they are ruling at Rs 868. The stock had a hit a high of Rs 980.90.
Also read: CSB public float subscribed 87 times
The CSB Bank, formerly Catholic Syrian Bank, came out with an IPO during November 22-26, at a price band of Rs 193-195 a share.
The initial public offering of the Kerala-based lender was subscribed a whopping 87 times. It received an overwhelming response from all categories of investors. The category reserved for qualified institutional buyers (QIBs) was subscribed 62.18 times, non institutional investors 164.68 times and retail individual investors 44.25 times.
The Bank's IPO was to raise Rs 410 crore, consists of both fresh issue worth Rs 24 crore and offer for sale of 1.97 crore shares from existing shareholders including promoters.
Axis Capital and IIFL Securities were the managers to the offer.
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