ICICI Securities' Rs 40-billion IPO sees 29% subscription on Day 1

ICICI Securities' over Rs 40 billion initial public offer (IPO) was subscribed 29 per cent on the first day of the three-day bidding on Thursday.

The IPO of the brokerage firm, part of ICICI group, received bids for 1,30,00,792 shares against the total issue size of 4,42,25,343 shares, NSE data showed.

The category set aside for qualified institutional buyers (QIBs) was subscribed 49 per cent, non-institutional investors 4 per cent and retail investors 22 per cent.

ICICI Securities on Wednesday raised Rs 17.17 billion from anchor investors.

The initial share sale would close on March 26 and is being offered in a price band of Rs 519-520.

The IPO is of of 7,72,49,508 shares (including anchor portion of 3,30,24,165 shares).

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