ICICI Securities advances as OFS begins

ICICI Securities rose 1.41% to Rs 467.40 as the offer for sale (OFS) opened for non-retail investors today.

Through the OFS, the company's promoter ICICI Bank proposes to sell over 71.21 lakh shares, constituting 2.21% paid-up share capital of the company.

The floor price for the OFS was set at Rs 440 per shares, a 4.53% discount to ICICI Securities' closing price of Rs 460.90 on Tuesday, 8 December 2020.

The OFS opened on Wednesday (9 December 2020) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Thursday (10 December 2020).

A total of 10% of the offer size, aggregating to over 7.12 lakh shares, has been reserved for retail investors.

At 11:15 IST, the OFS received subscription for 3,28,791 shares or 5.13% against the offer size of 64,09,262 shares for non-retail investors.

ICICI Securities offers a range of financial services including brokerage, financial product distribution and investment banking and focuses on both retail and institutional clients.

The company's consolidated net profit surged 105.9% to Rs 278.15 crore on a 62.7% jump in total income to Rs 680.46 crore in Q2 FY21 over Q2 FY20.

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