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Report: ICICI Securities could raise 30B rupees in IPO

ICICI Bank Ltd. unit ICICI Securities Ltd. could raise at least 30 billion Indian rupees from its planned IPO, Bloomberg News reported Dec. 8, citing "people familiar with the matter."

The brokerage is expected to file its draft prospectus with India's capital markets regulator before the end of 2017, and could start selling shares as early as the first quarter of 2018, the sources said. The IPO could value the company at more than 200 billion rupees.

The size of the offering will depend on how much stake ICICI Bank decides to sell through the IPO, one of the people said.

ICICI Securities selected Bank of America Corp. and Citigroup Inc. as advisers for the offering. CITIC CLSA Capital Markets Ltd., Edelweiss Financial Services Ltd. and IIFL Holdings Ltd. are also working on the deal, the people said.

In November, ICICI Bank's board approved plans for an IPO of its brokerage unit. The bank conducted the IPOs of ICICI Prudential Life Insurance Co. Ltd. and ICICI Lombard General Insurance Co. Ltd. in 2016 and 2017, respectively.