Home Uncategorized CSB IPO: Good response from retail investors on 1st day

CSB IPO: Good response from retail investors on 1st day

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Qualified institutional buyers (QIBs) yet to start shopping

KOCHI: The overwhelming response from retail investors, who bid for 1.18 crore shares against 21.01 lakh reserved for them, helped the issue get subscribed 1.05 times on the first day of the issue itself handing out a decent start. The retail investor category attracted 5.6 times oversubscription on the first day.

However, qualified institutional buyers (QIB) category seems to have given a short shrift to the issue on the opening day with the category yet to make an entry into the issue during the whole day though the largest chunk of shares – 63.03 lakh shares has been set aside for that category.

The non-institutional investors’ category, for whom 31.61 lakh shares have been reserved, also extended laid-back response to the issue on the first day with the bidding accounted for just 10 per cent of the shares reserved for them.

The CSB Bank initial public offer (IPO) consists of fresh issue worth up to Rs24 crore and an offer for sale (OFS) of 1.97 crore number of shares from existing shareholders with a price band of Rs193-Rs195 apiece, aggregating up to Rs410 crore.

Excluding the anchor investment, the IPO size available for the investors was 1.15 crore shares. The issue has already raised Rs184 crore from anchor investors on November 21, at the higher end of price band.

 

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