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Last Updated : Mar 26, 2018 09:48 PM IST | Source: Moneycontrol.com

ICICI Securities closes IPO, raises Rs 3,500 crore amid tepid response from HNIs, retail; QIB supports

The offer attracted subscriptions of nearly 78 percent, excluding the anchor portion, till 1945 hours, as per data available with the NSE.

 
 
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ICICI Securities, the subsidiary of ICICI Bank, finally closed the issue and raised approximately Rs 3,500 crore against total IPO size of Rs 4,017 crore earlier due to tepid response from non-institutional and retail investors on Monday, the final day.

The offer was largely supported by qualified institutional investors whose reserved portion fully subscribed on the last day.

“The company has successfully closed its proposed Offer for Sale (OFS) by ICICI Bank and raised approximately around Rs 3,500 crore," ICICI Securities said.

Earlier the OFS attracted a strong response from anchor investors raising around Rs 1,717 crore on March 21, 2018. The QIB portion was fully subscribed as of 8:30 hours IST on March 26, 2018, it added.

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The initial share sale of ICICI Securities has received 88 percent subscription, including the portion set apart for anchor investors, on the last day today.

The offer attracted subscriptions of nearly 78 percent, excluding the anchor portion, till 1945 hours, as per data available with the NSE.

The IPO of the brokerage firm, part of ICICI group, received bids for 3,46,75,396 shares against the total issue size of 4,42,25,343 shares (without anchor portion), data available with the NSE till 1945 hrs showed.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 1.04 times, non institutional investors 35 percent and retail investors 88 percent, as per BSE data.

The IPO is of up to 77,249,508 shares (including anchor portion of 33,024,165 shares). Price band for the issue has been fixed at Rs 519-520. ICICI Securities last week raised Rs 1,717 crore from anchor investors.

DSP Merrill Lynch, ICICI Securities Limited, Citigroup Global Markets India, CLSA India, Edelweiss Financial Services, IIFL Holdings and SBI Capital Markets are the managers to the issue.

(With inputs from PTI)
First Published on Mar 26, 2018 09:22 pm
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