ICICI Securities Ltd. has obtained approval from the Securities and Exchange Board of India, or SEBI, for its proposed IPO, Press Trust of India reported Feb. 6.
The markets regulator issued its "observations," which serve as SEBI's approval for public issues, on the company's IPO on Feb. 2.
The IPO could fetch an estimated 30 billion to 40 billion rupees, the news outlet said.
ICICI Securities in December 2017 had filed its draft preliminary prospectus with SEBI for the IPO, with plans to sell about 64,428,280 shares, or a 20% stake, held by ICICI Bank Ltd.
The offer also includes a proposed reservation of up to 3,221,414 shares, accounting for about 5% of the shares offered in the IPO, for both individual and Hindu Undivided Family shareholders of the lender.
DSP Merrill Lynch, IIFL Holdings, SBI Capital Markets, Citigroup Global Markets India, Edelweiss Financial Services and CLSA India were appointed to manage the company's IPO.
As of Feb. 6, US$1 was equivalent to 64.26 Indian rupees.
