The ₹4,017-crore IPO of ICICI Securities, the brokerage arm of top private sector lender ICICI Bank, was subscribed 78 per cent on the final day on Monday.

The IPO received bids for 3.45 crore equity shares against the total issue size of 4.42 crore shares on Monday, according to data available on the NSE website. It is the first major IPO in nearly two years where the number of bids received was less than the number of shares offered.

However, the company has successfully closed its offer-for-sale and raised around ₹3,500 crore, it said in a press statement.

The portion reserved for qualified institutional buyers (QIBs) has been fully subscribed while the category reserved for non-institutional investors was subscribed 36 per cent and for retail investors 87 per cent. The issue consists of an offer-for-sale of over 7.72 crore equity shares by promoter ICICI Bank, which includes reservation of over 38.62 lakh shares for purchase by shareholders of ICICI Bank. The offer would constitute 23.98 per cent of the post-offer paid-up equity share capital.

IPO to raise ₹4,015 crore

The country’s largest private sector lender is targeted to raise ₹4,009.25-4,016.97 crore through the issue of ICICI Securities in a price band of ₹519-520 a share, respectively.

Mumbai-based ICICI Securities offers a wide range of financial services including brokerage, financial product distribution and investment banking and focusses on both retail and institutional clients.

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