ICICI Securities OFS subscribed 4.4 times on heavy institutional interest

Another 712,141 shares meant for retail investors will be auctioned on Thursday. Floor price set at Rs 440 a share

The share sale in ICICI Securities on Wednesday generated over four times demand than the shares on offer. 

Institutional investors placed bids for 28 million shares as against 6.4 million shares on offer in the offer for sale (OFS). 

Most of the bids came in at Rs 460 per share. Shares of ICICI Securities ended at Rs 477 in the secondary market. 

Another 712,141 shares meant for retail investors will be auctioned on Thursday. 

The floor price for the OFS has been set at Rs 440 per share. 

Parent ICICI Bank is offloading 2.21 per cent stake in its broking and investment banking arm through the OFS. Currently, ICICI Bank holds about 77.2 per cent stake in ICICI Securities. The share sale will help the bank comply with the minimum public shareholding norms.