A stock broker talks on a telephone while working on his computer. (Photographer: Chris Ratcliffe/Bloomberg)

ICICI Securities IPO Subscribed 0.29 Times On First Day Of Bidding

ICICI Securities’ over Rs 4,000 crore initial public offer was subscribed 0.29 times on the first day of bidding today.

The IPO of the brokerage firm, part of ICICI group, received bids for 1.30 crore shares against the total issue size of 4.42 crore shares, NSE data showed.

The category set aside for qualified institutional buyers was subscribed 0.49 times, non institutional investors 0.04 times and retail investors 0.22 times.

Ahead of its IPO, ICICI Securities raised Rs 1,717 crore from 58 anchor investors. The initial share sale would close on March 26 and is being offered in a price band of Rs 519-520.

The IPO is of of 7.72 crore shares (including anchor portion of 3.30 crore shares).

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