CSB Bank hopes to raise ₹410 crores as it opens its IPO

• The IPO offer ranges between ₹193-195 per share.
• The IPO subscription will be open until November 26.
• The bank hopes to raise ₹410 crores through the public listing.

CSB Bank, which was formerly known as Catholic Syrian Bank, has opened its IPO for subscription today. The IPO subscription will be open until November 26.

The IPO offer ranges between ₹193-195 per share, and the bank hopes to raise ₹410 crores through the public listing.

Ahead of the IPO, CBS Bank had also raised ₹184.36 crore via an allotment of 94.54 lakh shares to 24 anchor investors. According to reports, the promoter’s shareholding in the company will come down to 49.7% from 50.1%.

"While CSB Bank has a long operating history as a traditional bank, it is currently focusing on implementation of strategic changes in its business model to function efficiently as a full service new age private sector bank backed by its new marquee investor, Canadian billionaire Prem Watsa's Fairfax India Holdings Corporation," HDFC Securities said.

Gold loans are a major part of CSB’s business, and made up for 33.17% of its total advances as of September 2019.

CSB Bank is one of the oldest private sector banks in India. It has a strong base in Kerala along with presence in Tamil Nadu, Karnataka, and Maharashtra.

It has a total of 414 branches across 16 states and over 1.3 million customers with a focus on SME, retail, and NRI customers.

In June 2019, the bank changed its name from Catholic Syrian Bank to CSB Bank. “We are in the process of rebranding ourselves to CSB Bank Limited to address region and community related perceptual issues associated with our previous brand name,” the bank said on its website.