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ICICI Securities allots 17.18B rupees of shares ahead of IPO

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ICICI Securities allots 17.18B rupees of shares ahead of IPO

ICICI Bank Ltd. unit ICICI Securities Ltd. allotted 17.18 billion Indian rupees worth of shares to 58 anchor investors ahead of the offering period of its IPO, The Economic Times reported March 21.

The company allotted 33 million shares at 520 rupees apiece, the upper end of the price range of its proposed IPO.

Temasek Holdings (Pte.) Ltd., Fairfax Financial Holdings Ltd., Nomura Holdings Inc. and BlackRock Inc. count among the international anchor investors, while domestic funds that invested in the share allotment included HDFC Mutual Fund and Reliance Mutual Fund, among others.

ICICI Securities will launch its offering March 22 and close March 26.

The share sale comprises the offering of 77,249,508 equity shares in ICICI Securities, with a proposed reservation of up to 3,862,475 equity shares for both individual and Hindu Undivided Family shareholders of the parent bank.

As of March 21, US$1 was equivalent to 65.21 Indian rupees.