Now, it is clear that ICICI Direct is also under ICICI Securities, which has a marketshare of close to 3% in both the retail and institutional business. It is one of the largest players in the internet brokerage space. The institutional business contributes only 20% of their total revenues. Interestingly, their H1 numbers show a net profit of about Rs 38 crore and topline of Rs 300 crore. They are valuing this company at close to USD 4 billion. The bank’s management said it has not communicated anything to the exchanges.

Valuations of ICICI Securities:

The internal assumption is that it could be valued at close to USD 4 billion. There have been talks by a lot of brokerage who are valuing ICICI Securities anywhere between Rs 25 and Rs 45 per share of ICICI Bank.

Valuations of ICICI Ventures:

ICICI Ventures is where ICICI Bank is looking at unlocking value, possibly through the overseas listing of some of its funds. In fact, they have been booking profits in one of these four funds, which is having a total assets under management, or AUM, of close to USD 2.5 billion. The best example being Infomedia India, where CNBC-TV18 recently bought majority stake from ICICI Ventures. So, they are booking profits in few of their funds.       

New ventures:

They are looking at launching one more fund of close to USD 2 billion and they have very aggressive expansion plans. They are targeting an AUMs of close to USD10 billion by FY10.

ICICI Bank will at least be looking at listing a few of their funds overseas to unlock value. In short, the key takeaways from this analyst meet include: one listing of ICICI Securities, two weighing options to list some of the funds of ICICI Ventures. All this, provided the regulator doesn’t approve the proposed holding structure of ICICI Bank.

Disclaimer:

Web18, which owns Moneycontrol.com and Indiaearnings.com, belongs to the Network 18 Group. This information is source-based and has not been provided to the stock exchanges.