ICICI Securities Decreased the Size of IPO After Slow Start
Brokerage firm giant ICICI Securities decreased the amount of its initial public offering to almost Rs3,500 crore after the opening sale met a slow start, particularly since targeted individuals with large assets didn’t seem interested. ICICI Securities is the third daughter company of the ICICI Group to join the market since 2016 and overall fourth after ICICI Bank, ICICI Prudential Life and ICICI Lombard General Insurance.
The initial opening of the IPO was set to Rs4,016 crore and met a subscription of 88% inclusive of the anchor portion, which accounts for 10% of subscriptions.
ICICI Securities released a statement saying it “successfully closed its proposed Offer for Sale (OFS) and raised around Rs3,500 crore.”
The IPO collected bids buying 34,575,396 shares from the 44,225,3...