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ICICI Securities files draft prospectus for IPO

ICICI Bank Ltd. unit ICICI Securities Ltd. filed a draft prospectus for its IPO with the Securities and Exchange Board of India.

The company plans to sell 64,428,280 shares, or a stake of about 20%, through the IPO, according to a Dec. 15 filing. The offer also includes a proposed reservation of up to 3,221,414 shares, which accounts for about 5% of the shares offered in the IPO, for both individual and Hindu Undivided Family shareholders of ICICI Bank.

The IPO was previously expected to raise at least 30 billion Indian rupees.

As of Dec. 15, US$1 was equivalent to 64.09 Indian rupees.