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By Devidutta Tripathy
MUMBAI (Reuters) - Indian brokerage ICICI Securities Ltd will launch an initial public offering next week in a sale that will raise its parent as much as 40.17 billion rupees ($620 million), adding to a busy month for first-time share sales in the country.
ICICI Securities, a unit of third-biggest Indian lender ICICI Bank, on Wednesday set a price range of 519-520 rupees per share for the IPO that will take subscriptions from March 22-26.
The IPO will follow the listing of ICICI Bank's life and non-life insurance arms in the past two years, and will help the bank shore up its capital base at a time when lenders have seen provisions for soured loans rising.
After a record $11 billion in fund-raising from IPOs last year, companies in India have lined up share sales in what bankers and market participants have predicted to be another busy year for capital markets, even though the main stock indexes have retreated from record highs hit in late January.
Bandhan Bank, one of India's newest banks, is launching an IPO on Thursday that is targeted to raise up to 44.7 billion rupees, while the Indian government is seeking to raise as much as 42.3 billion rupees from an IPO of military aircraft maker Hindustan Aeronautics Ltd beginning on Friday.
($1 = 64.8400 Indian rupees)
(Reporting by Devidutta Tripathy, editing by David Evans)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)