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ICICI Securities closes IPO, raises 35B rupees

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ICICI Securities closes IPO, raises 35B rupees

ICICI Bank Ltd. unit ICICI Securities Ltd. closed its IPO and raised about 35 billion Indian rupees, of which about 17.17 billion rupees came from anchor investors, The Economic Times reported March 26.

The company's offering of up to 77,249,508 equity shares was 78% subscribed on the last day of the bidding process, according to data from the National Stock Exchange of India.

The company priced the shares at 520 rupees apiece, the upper end of its price range, it said in a stock exchange filing. The offer included the sale of 67,593,245 equity shares by ICICI Bank.

ICICI Securities reduced the size of the issuance, the publication noted, adding that including the anchor allotment, the public float was 87.9% subscribed.

NSE data further shows that qualified institutional buyers' portion of the offering was oversubscribed at 104%, while the quota for retail and noninstitutional investors remained subscribed at 88% and 36%, respectively.

As of March 26, US$1 was equivalent to 64.75 Indian rupees.