Shares of ICICI Securities made a tepid debut on the bourses. The stock got listed at Rs 431.10 on the BSE, with a discount of 17.09 per cent over its issue price of Rs 520.
Within minutes of listing, the stock touched a high of Rs 461.95 and a low of Rs 431.10 on the BSE. On the NSE, the stock opened at Rs 435, with a discount of 16.34 per cent over its issue price. It touched a high of Rs 459 and a low of Rs 435.
The company had raised Rs 3,515 crore from its its recently concluded initial public offer (IPO). About 67,593,245 equity shares had been allotted at an offer price price of Rs 520 apiece, the upper end of the price band, aggregating Rs 3,514.85 crore.
Earlier, ICICI Securities had reduced the size of its IPO to a little over Rs 3,500 crore after the sale elicited sluggish response, especially from high networth individuals.
The share sale of the leading brokerage firm -- which was to raise up to Rs 4,016 crore -- received around 88 per cent subscription, including the anchor portion, on the last day of the bidding.