CSB Bank IPO subscription: On day 1, offtake nearly 20% within the first hour; Want to make money? Find out if you can

CSB Bank IPO subscription: Formerly known as the Catholic Syrian Bank, the Kerala-based CSB Bank IPO (Initial Public Offer) subscription began today with a bang. Around 20 per cent of the CSB Bank IPO got subscribed within the first hour of its subscription on day one. The CSB Bank IPO has received bids for 21.54 shares, which is around 20 per cent of its issue size of 1.15 crore. The lenders of the CSB Bank aims to raise up to Rs 410 crore from the CSB Bank IPO. The IPO contains a fresh issue of shares to generate up to Rs 24 crore, and an OFS (Offer for Sale) of 1.97 crore shares by existing investors through which it will sell Rs 385 crore of scrips.

The CSB Bank IPO will remain open for investment till 26th November 2019. The price band for the CSB Bank IPO has been fixed between Rs 193 and Rs 195 per stock. Lot size of the CSB Bank IPO is 75, which means the minimum bid would be of 75 CSB Bank shares and the bid can be raised in multiple of 75 CSB Bank shares. Elaborating upon the details of the CSB Bank IPO allocation and other details Axis Capital said that allocation of the CSB Bank IPO will be done on December 2nd while the allocated shares will be credited into the allottees Demat Account on December 3rd.

See Zee Business Live TV streaming below:

Giving CSB Bank IPO review a detailed report of Choice Broking says, "At the higher price band of Rs 195 CSB's share is valued at P/ABV multiple of 2.4 (X) (to its post-issue September 2019 adjusted BVPS)." It further says that the new management that came in 2016, is changing the business model of the Kerala-based bank, which one of the oldest private sector banks in India.

On the suggestion to the stock market investors, Motilal Oswal report says, " Post the acquisition by Fairfax group, the realigned operational strategy has helped the company (CSB Bank) to report profits in 1HFY20. The company is focused to improve profitability and growth going ahead. We believe that given the strong promoter backing and turnaround in profitability, an investor can Subscribe to the IPO for listing gains.”