Pre-IPO Opportunity in Catholic Syrian Bank

Catholic Syrian Bank is a 95 year old bank based out of Kerala.

It has filed for an IPO and has already received SEBI’s final approvalto list.

There are press reports that a group of PE firms- TPG Growth, TA Associates, Apax Partners, IVFA, Everstone, Kedaara and Multiples-are looking to pick up 25%-35% of Catholic Syrian Bank.

In October 2014,the bank placed shares at 180 Rs/share to prominent investors such as Satpal Khattar,Alok Oberoi,Yusuff Ali M.A. etc

The bank followed that up with a rights issue in March 2015 at 75 Rs/share in the ratio of 1:3 effectively making the last placement price 153.75 Rs/share

A limited quantity of shares of Catholic Syrian Bank are available at a significant discount to this valuation as well as 31 March 2015 Book Value of Rs.147.25

For those interested,please email me at Alpha Ideas.

Leave a Reply

Your email address will not be published. Required fields are marked *