ICICI Securities surges 10% on buyback plan, valuation hits Rs 20,000 cr

Board to meet on July 29 over proposal; Drone maker Ideaforge Tech's IPO subscribed 3x on heavy retail interest

Shares of ICICI Securities, the investment banking and broking arm of ICICI Bank, soared more than 10 per cent after the company made public its delisting proposal. The company’s board will meet on June 29 to discuss the proposal. Shares of ICICI Securities rose 10.4 per cent to close at Rs 622, valuing the firm at Rs 20,000 crore. At present, ICICI Bank holds 74.85 per cent stake in the company. The private sector lender will have to attempt to buy the remaining 25.15 per cent stake in order to take ICICI Securities private, which is valued at Rs 5,000 crore currently. However, delisting bids in India are often expensive and favour the public shareholders. ICICI Securities got listed in 2018 after selling shares at Rs 520 apiece in the IPO, which had failed to garner full subscription.

 

Ideaforge Tech IPO subscribed 3x

Drone manufacturer Ideaforge Technology’s IPO received bids for nearly three times the number of shares on offer on Monday, the first day of the issue. The retail investor portion of the IPO was subscribed over 10 times, while  high networth individuals (HNIs) bought 3.5 times the number of shares on offer. The employee quota was subscribed nearly 7 times. The institutional investor portion has seen only a few bids so far. On Friday, Ideaforge had raised Rs 255 crore from anchor investors, which included Pinebridge, Nomura, Tata AIG, Invesco, Axis MF were among the anchor investors. IdeaForge is looking to issue new shares worth Rs 240 crore in the IPO, which will also see Rs 327 crore worth of secondary sale.