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ICICI Securities IPO seeks up to $620 million, adding to a busy March

Reuters  |  MUMBAI 

By Devidutta Tripathy

MUMBAI (Reuters) - Indian brokerage 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.

is selling about 77.2 million shares, or a 24 percent stake, in the arm that also offers

The IPO will follow the listing of ICICI Bank's life and in the past two years, and will help the 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 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 is seeking to raise as much as 42.3 billion rupees from an IPO of military beginning on Friday.

Including first-time share sales in two other government-owned companies - and - a total of more than $2 billion of IPOs have been lined up in March alone.

Lynch, Citigroup, CLSA, Edelweiss, and are the banks managing the ICICI Securities IPO.

($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.)

First Published: Wed, March 14 2018. 22:33 IST