The ICICI Securities' initial public offer was subscribed 29 percent on the first day of the three-day bidding on Thursday. The IPO of the brokerage firm, part of ICICI group, received bids for 1,30,00,792 shares against the total issue size of 4,42,25,343 shares, NSE data showed.The category set aside for qualified institutional buyers (QIBs) was subscribed 49 per cent, non-institutional investors 4 per cent and retail investors 22 per cent.
ICICI Securities raised Rs 1,717 crore from anchor investors. The initial share sale would close on March 26 and is being offered in a price band of Rs 519-520.
The IPO comprises sale of 7,72,49,508 shares (including anchor portion of 3,30,24,165 shares).
Bank of America Merrill Lynch, Citigroup, CLSA, Edelweiss, IIFL and SBI Capital Markets are managing the ICICI Securities IPO.
After a record $11 billion in fund-raising from IPOs last year, companies in India have lined up share sales in what bankers and market participants have predicted to be another busy year for capital markets, even though the stock indexes have retreated from record highs hit in late January.
The IPO follows the listing of ICICI Bank's life and non-life insurance arms in the past two years, and will help the bank shore up its capital base at a time when lenders have seen provisions for soured loans rising. The firm is the third entity from the ICICI Group to go public.
ICICI Lombard IPO opened on September 15, 2017. The firm was the first general insurer to go public. ICICI Lombard General Insurance is a joint venture between ICICI Bank and Canadian NRI Prem Watsa-promoted Fairfax Financial Holdings.
Its life insurance arm ICICI Prudential had raised Rs 6,000 crore through an IPO in 2016, the first public offering by an Indian life insurer.