Comments
The ₹4,017-crore IPO of ICICI Securities was subscribed 0.29 times at the end of Thursday, the first day of the offering.
The IPO of the domestic brokerage firm will close for subscription on March 26.
The issue consists of an offer-for-sale of up to 7.72 crore equity shares by promoter ICICI Bank, which includes reservation of over 38.62 lakh shares for ICICI Bank shareholders. The offer would constitute 23.98 per cent of the post-offer paid-up equity share capital.
Ahead of the IPO, the broking company on Wednesday mopped up ₹1,718 crore from anchor investors. The firm has allotted 3.3 crore shares to 58 anchor investors at ₹520 a share — the upper end of the price band.
The anchor investors include Temasek, Fidelity, Fairfax, Nomura, Amansa Holdings, BlackRock, HDFC MF, DSP BlackRock, Reliance MF, PremjiInvest, SBI MF, Birla MF and IDFC MF.
Promoter selling shareholder ICICI Bank will be entitled to the entire proceeds of the offer after deducting the offer expenses and relevant taxes thereon. Hence, ICICI Securities will not receive any proceeds from the public issue.
Midhani
Meanwhile, the IPO of Mishra Dhatu Nigam (Midhani) was subscribed 0.64 times on Day 2. The IPO comprises an offer-for-sale of 4.87 crore shares by the President of India. The company has fixed the price band at ₹87-90 a share for the issue. The issue is scheduled to close on Friday.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.