ICICI Securities’ Rs 4,000 Crore IPO Opens On March 22

ICICI Securities Ltd., the broking and merchant banking arm of ICICI Bank Ltd., will look to sell 7.7 crore shares through an initial public offering that opens on March 22.

The price band of the IPO, which will close on March 26, has been set at Rs 519-520 per share, ICICI Bank said in an exchange filing today. At the upper end, the IPO will fetch around Rs 4,016 crore. The offer for sale will include 3.8 crore shares that will be reserved for the parent ICICI Bank’s shareholders.

ICICI Securities had lowered its IPO valuation to two-thirds of what it had originally sought, BloombergQuint reported earlier. It was intially looking at a valuation of Rs 25,000 crore at the time of filing the draft red herring prospectus.

ICICI Bank is preparing to sell shares in its brokerage arm after listing its general insurance and life insurance ventures over the past two years. This comes at a time when initial public offerings in India have raised a record Rs 66,517 crore from the primary markets in the financial year 2017-18.

SBI Caps, Bank of America Merrill Lynch, Citigroup, IIFL, CLSA and Edelweiss are managing the issue, according to information from the previous DRHP that was filed in December.