ICICI Securities IPO closes today, subscribed 36% on day 2

The initial public offer (IPO) of ICICI Securities, the brokerage and merchant banking arm of private sector lender ICICI Bank will close today. The IPO was subscribed 36 per cent on the second day of bidding on Friday. The IPO to raise over Rs 4,000 crore received bids for 1,59,57,060 shares against the total issue size of 4,42,25,343 shares, NSE data showed.

Qualified institutional buyers (QIBs) portion was subscribed 54 per cent, non institutional investors 5 per cent and retail investors 39 per cent.

The IPO is of 77,249,508 shares (including anchor portion of 33,024,165 shares).

Also read: Indian companies line up Rs 25,000-cr public offers

The issue of the brokerage firm, part of ICICI group, which will close on March 26, is in a price band of Rs 519-520.

ICICI Securities on March 21 raised Rs 1,717 crore from anchor investors. DSP Merrill Lynch, ICICI Securities, Citigroup Global Markets India, CLSA India, Edelweiss Financial Services, IIFL Holdings and SBI Capital Markets are managing the issue.

The minimum bid lot for the offer is 28 equity shares and in multiples of 28 equity shares thereafter.

After a record $11 billion in fund-raising from IPOs last year, companies 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 will be 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.