Development Credit Bank, DCB, one of India's private sector bank promoted by the Switzerland-based Aga Khan Fund for Economic Development, AKFED, headquartered in Mumbai, is open for subscription with an initial public issue of 7,15,00,000 equity shares of Rs 10 each. The price is to be determined through a 100% book build process. The issue will close on October 6, 2006.

It has fixed the price band for its initial public offering, IPO of equity shares of Rs 10 each between Rs 22 and Rs 26 per share.

Moneycontrol conducted a poll on market experts to check whether to apply for the public issue or not. Experts said apply.

The issue comprises of a reservation of 25,02,500 equity shares for eligible employees and the net issue to the public would be for 6,89,97,500 equity shares.
 
The issue will help the bank strengthen its capital base as also help it meet the capital adequacy norms required by Basel II and recommended by the Reserve Bank of India.
 
The book running lead managers to the issue are JM Morgan Stanley Private Limited and Enam Financial Consultants Private Limited. Intime Spectrum Registry Limited has been appointed as the registrar to the issue.