Indian Bank IPO

Indian Bank IPO at a Glance-

Indian Bank was established on 15th August 1907 as a part of the Swadeshi Movement in India. Indian Bank IPO was issued in February 2007, almost 100 years after the bank was established. The issue of Indian Bank IPO was opened on 5th February, 2007 and closed on 9th February 2007. The size of the Initial Public Offering (IPO) of Indian Bank was 85,950,000 equity shares. It was done through 100 percent book building and had a face value of Rs.10. The retail segment was given 23,206,500. The price range varied from Rs.77 to Rs.91 and the tick size was Re.1. The minimum number of shares to be purchased was kept at 75. The retail investors were given the maximum subscription amount of Rs.100,000. The total size of Indian Bank IPO was estimated to be around Rs.782 crores.

Objectives of Indian Bank IPO-

• To fulfill the capital requirements for implementation of Base II standard.
• To provide capital adequacy for it's loan and investment portfolio section.
• To provide finance for developing business infrastructure.

Indian Bank has more than 22,000 employees. The Indian Bank has 1411 branches spread all across the country. Indian Bank offers diversified banking services and has three subsidiary companies. The foreign branches of Indian Bank are set up in Singapore and Colombo.