ICICI Securities raises Rs 35.15 bn from IPO; receives 88% subscription

ICICI Securities today said it has raised Rs 35.15 billio9n at the issue price of Rs 520 per share from its recently concluded initial public offering.

The public issue closed on March 26 after three days of bidding in a price band of Rs 519-520.

A total of 67,593,245 equity shares have been allotted at an offer price price of Rs 520 apiece, the upper end of the price band, aggregating to Rs 3,514.85 crore, ICICI Securities said.

Shares of the company will list on the exchanges tomorrow, BSE and NSE said in separate circulars.

Earlier, ICICI Securities had reduced the size of its initial public offer (IPO) to little over Rs 35 billion 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 40.16 billion -- received around 88 per cent subscription, including the anchor portion, on the last day of the bidding.

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