ICICI Securities gets Sebis go-ahead for IPO

By PTI  
Tuesday, February 6, 2018

New Delhi, Feb 6 (PTI) ICICI Securities, a subsidiary of private sector lender ICICI Bank, has received markets regulator Sebis go-ahead to raise an estimated Rs 3,000- 4,000 crore through an initial public offering.

The company had filed its draft papers with Securities and Exchange Board of India (Sebi) in December and received observations from the regulator on February 2, as per the latest update with the markets watchdog.

The observations are very important to any company for launching public issues like initial public offer (IPO), follow-on public offer (FPO) and rights issue.

Going by the draft red herring prospectus (DRHP), the public issue comprises sale of 64,428,280 equity shares, amounting to 20 per cent stake, by ICICI Bank.

The offer includes a reservation of up to 32.21 lakh shares for individual as well as Hindu Undivided Family (HUF) shareholders of ICICI Bank.

According to merchant banking sources, the IPO is expected to garner Rs 3,000-4,000 crore.

"The objects of the offer for the company are to achieve the benefit of listing the equity shares on the stock exchanges. Further, the company expects that the listing of equity shares will enhance its visibility and brand image and provide liquidity to its existing shareholders," the preliminary papers noted.

DSP Merrill Lynch, IIFL Holdings, SBI Capital Markets, Citigroup Global Markets India, Edelweiss Financial Services and CLSA India will manage the companys public issue.

Last year, ICICI Bank had diluted part of its holding in ICICI Lombard General Insurance Companys IPO. PTI SP SBT

Related Stories

BJP had no one with 'clean image' to field from Bhopal LS seat: Chhattisgarh CM
BJP had no one with 'clean image' to field from Bhopal LS seat: Chhattisgarh CM
Announcement of names of candidates for seven LS seats on Sunday or day after: Sheila Dikshit
Announcement of names of candidates for seven LS seats on Sunday or day after: Sheila Dikshit
Man wanted in murder case arrested
Man wanted in murder case arrested

Latest Stories

RailYatri operations unauthorized, violated IRCTC norms, rules Delhi High Court
RailYatri operations unauthorized, violated IRCTC norms, rules Delhi High Court
Deadline extended for March GST sales return until April 23: Govt
Deadline extended for March GST sales return until April 23: Govt
Election Commission bans Eros Now web series based on PM Modi
Election Commission bans Eros Now web series based on PM Modi
SPONSORED