ICICI Sec reduces IPO size; raises Rs 3,500 cr

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 share sale of the leading brokerage firm -- which was to raise up to Rs 4,016 crore -- received around 88 per cent subscription, including the anchor portion, on the last day today.

In a statement, ICICI Securities said it has "successfully closed its proposed Offer for Sale (OFS) and raised around Rs 3,500 crore".

This indicates that the size of the initial public offer -- the fourth one from the ICICI Group -- has been reduced in the wake of sluggish response.

Data available with the exchanges till 1945 hours showed that the offer was subscribed 78 per cent, excluding the anchor portion.

It received bids for 3,46,75,396 shares against the total issue size of 4,42,25,343 shares (without anchor portion), according to the NSE data.

The Qualified Institutional Buyers (QIBs) quota was subscribed 1.04 times, non institutional investors 35 per cent and retail investors 88 per cent, according to the BSE data.

Originally, as many as 77,249,508 shares, including anchor portion of 33,024,165 shares, was on offer. The IPO opened on March 22.

The price band for the offer has been fixed at Rs 519-520 per share.

While announcing that the offer was closed at around Rs 3,500 crore, the statement also said, "Earlier, the OFS attracted a strong response from anchor investors raising around Rs 1,717 crore on March 21, 2018. The QIB portion was fully subscribed".

The company last week raised Rs 1,717 crore from anchor investors.

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

In recent times, a substantial number of IPOs have hit the market, with many of them eliciting good response from investors.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)