ICICI Bank's FPO likely in June third week

ICICI Bank's follow-on public issue, speculated to be in the range of Rs 10,000-11,000 crore, is likely to open in the third week of this month.

The bank is expected to receive the Securities and Exchange Board of India's (Sebi) approval for its issue by Tuesday or Wednesday this week, a source close to the development said.

Though the issue's launch date will formally be made known only after the receipt of Sebi's approval, the market buzz is that the bank has decided on the third week of this month for its issue-opening.

When contacted, an ICICI spokesperson declined to comment on the issue. "All I can say is that we hope to receive the Sebi approval soon. Beyond that, I can't say anything," he said.

Market speculation on the price band of the offer, puts the figure between Rs 900-960 per share.

The third week of June seems a good bet as there would be a gap of at least a week between the bank's offer and that of DLF's, another mega initial public offer, scheduled to open tomorrow.

While the market is divided on the likely response that the DLF offer would get, most analysts are agreed that ICICI Bank's issue would get an enthusiastic response.