ICICI Securities is bullish on Yes Bank has recommended Buy rating on the stock with a target price of Rs 503 in its research report dated September 04, 2018.
The ICICI Bank MD and CEO is on an absence of leave from office, pending the probe against her on the allegations of favouring family members in lieu of providing loans to a corporate house.
Kochhar had been earlier sent on leave after the bank started an independent probe into allegations of conflict of interest
ICICI Prudential sold the 4.62 million shares at Rs 325-330 per share, compared to the issue price of Rs 520 per share. ICICI Securities had sold 77.2 million shares in the IPO.
The company had reported a consolidated net profit of Rs 118 crore in the same period last year.
Investors could also take a note of proceedings in the Parliament along with global movements on oil as well.
The stock price lost more than 11 percent in four consecutive sessions and corrected 44 percent from its issue price.
While the SEBI rule is another blow to ICICI Group’s corporate governance standards, we try to understand the financial implications of the order on the group companies.
SEBI is likely to penalise ICICI Pru AMC for bailing out ICICI Securities IPO.
ICICI Securities had in March reduced the size of its IPO to a little over Rs 3,500 crore after the sale elicited a sluggish response, especially from high net worth individuals.
CLSA expects revenue/net profit to grow at a CAGR of 17/21 percent over FY18-21.
"Considering a RoE of over 70 percent for FY17 and the market leadership enjoyed by the company, it may continue to trade at a higher premium. We have a buy rating with target of Rs 480," says Sumit Bilgaiyan, Founder of Equity99.
Sustenance of the market share in the broking business and the prospects of higher competition in the distribution business are the two key factors to watch out for.
The firm added 4.6 lakh new clients during the year, taking the number of operational accounts to 40 lakh.
The stock got listed at Rs 431.10 with a discount of 17.09 per cent over the issue price. During the day, it touched an intra-day high of Rs 462.70 and an intra-day low of Rs 431.10.
The stock price debuted at Rs 453.80 on the National Stock Exchange, down 12.73 percent compared to issue price of Rs 520.
A total of 67,593,245 equity shares have been allotted at an offer price price of Rs 520 apiece, the upper end of the price band, aggregating to Rs 3,514.85 crore, ICICI Securities said.
ICICI Securities today reduced the size of its initial public offer to little over Rs 3,500 crore after the sale elicited a sluggish response, especially from high networth individuals.
The offer attracted subscriptions of nearly 78 percent, excluding the anchor portion, till 1945 hours, as per data available with the NSE.
The issue consists of an offer for sale of up to 7,72,49,508 equity shares by promoter ICICI Bank, which includes reservation of up to 38,62,475 shares for purchase by the ICICI Bank shareholders.
In the ongoing season where most IPOs have barely managed to get subscriptions, the IPO market may turn to be less exciting for those looking to make quick gains or listing gains.
The IPO to raise over Rs 4,000 crore received bids for 1,59,57,060 shares against the total issue size of 4,42,25,343 shares, NSE data showed.
The IPO of the brokerage firm, part of ICICI group, received bids for 1,30,00,792 shares against the total issue size of 4,42,25,343 shares, NSE data showed.
SPA Research has come out with its report on ICICI Securities IPO , The research firm has recommended to “ Subscribe ” the IPO in its research report as on March 21, 2018
While implied multiples are certainly towards the higher end prevailing among the peer group, SOTP valuation also reflects that part of the near term growth is priced in the offer