ICICI Securities Ltd, the brokerage and investment banking arm of ICICI Bank, plans to launch an initial public offering (IPO) of Rs 4,017 crore on 15 March 2018.
The price band for the IPO has been decided at Rs 519-520 per share and bids can be made for a minimum lot of 28 equity shares and in multiples of 28 equity shares, thereafter.
The equity shares will be offered through a Red Herring Prospectus, dated 13 March 2018. The offer will be open for three days between March 22 and 26 March.
Chanda Kochhar, MD, and CEO of ICICI Bank said that ICICI Securities is the largest equity broking firm since 2014. “We will continue to grow on the back of technological innovation and our growing network,” she said.
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The company started offering online brokerage services in 2000 after it launched ICICI Direct.
ICICI Securities will be the third company from the ICICI group to go public. Last year, ICICI Lombard General Insurance Co. Ltd raised Rs 5, 700 crores through an IPO, the first public offering by a general insurance company in the country In 2016, ICICI Prudential Life Insurance Co. Ltd raised Rs 6,000 crore in an initial share sale, the first public offering by an Indian life insurance company.
