ICICI Securities, the research and brokerage arm of one of India’s largest financial conglomerate ICICI Bank, is all set to launch its IPO (initial public offering) next week, 22 March 2018, in order to raise up to Rs 4,000 crore. The public offer of ICICI Securities will be the fourth IPO from ICICI group and the third offering in last three years after the successful listing of its life insurance and general insurance businesses, namely ICICI Prudential Life Insurance Company and ICICI Lombard General Insurance Company. The IPO size of ICICI Securities is relatively lower than that of recently listed ICICI Lombard General Insurance (Rs 5,700 crore) and ICICI Prudential Life Insurance (Rs 6,000 crore) which made its stock market debut in 2016.
We take a look at four interesting facts about the fourth public offer from ICICI group
- In the IPO of ICICI Securities, ICICI Bank will sell up to 7.72 crore equity shares of face value of Rs 5 through an offer for sale route. Out of the total issue size, half of the portion is reserved for ICICI Bank shareholders which is equal to 3.86 crore equity shares.
- ICICI Securities has fixed a price band of Rs 519 to Rs 520 per equity share and has expected to raise up to Rs 4017 crore at the upper end of the price band of Rs 520. The floor price is 103.8 times and cap price is 104 times the face value of equity shares.
- The public offer of ICICI Securities will be open for subscription from 22 March to 26 March 2018 with the anchor investor bid/offer period opening for subscription on 21 March. Bids can be made for a minimum of 28 equity shares and in multiples of 28 equity shares thereafter.
- ICICI Securities has appointed DSP Merrill Lynch Ltd, Citigroup Global Capital Markets India Pvt Ltd, CLSA India Pvt Ltd, Edelweiss Financial Services Ltd, IIFL Holdings Ltd and SBI Capital Markets Ltd as the book running lead managers to the issue while Karvy Computershare Pvt Ltd is the registrar to the issue.
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