A trader monitors financial data. (Photographer: Alex Kraus/Bloomberg)  

ICICI Securities IPO Subscribed 0.78 Times On Final Day Of Bidding

Final Day Subscription (As of 4 p.m.)

  • Qualified institutional buyers: 1.04 times
  • Non-institutional bidders: 0.36 times
  • Retail investors: 0.84 times
  • ICICI Bank Shareholders: 0.34 times
  • Overall: 0.78 times

ICICI Securities Ltd.’s over Rs 4,000 crore initial public offer was subscribed 0.78 times on the final day of bidding today.

The portion reserved for qualified institutional buyers was subscribed 1.04 times the number of shares on offer, according to data available with the stock exchanges as of 4 p.m. The retail portion of the offer was subscribed 0.84 times while the shares set aside for ICICI Bank shareholders was subscribed 0.34 times. The non-institutional investor segment subscribed 0.36 times.

Overall, the company received bids for 3.43 crores shares against the total issue size of 4.42 crores shares.

Ahead of its IPO, ICICI Securities raised Rs 1,717 crore from 58 anchor investors. Through this offer, ICICI Bank is offloading 7.72 crore shares, or 24 percent stake at Rs 519-520 apiece, valuing the company at Rs 16,751 crore.

That’s lower than the Rs 25,000 crore valuation the company had targeted while filling its draft red herring prospectus.