ICICI Securities market debut receives tepid response, down 17%

New Delhi: ICICI Securities, which recently concluded its initial public offer, made its stock market debut on both BSE and NSE on Wednesday. ICICI Securities listed at Rs 431.10 on the BSE, down 17.10 percent. On the NSE, it got listed at Rs 435, down 16.35 percent.

The broking firm on Tuesday said that it has raised Rs 3,515 crore at the issue price of Rs 520 per share from its recently concluded initial public offering.

The public issue closed on March 26 after three days of bidding in a price band of Rs 519-520.

A total of 67,593,245 equity shares have been allotted at an offer price price of Rs 520 apiece, the upper end of the price band, aggregating to Rs 3,514.85 crore, ICICI Securities said.

Earlier, ICICI Securities had reduced the size of its initial public offer (IPO) to little over Rs 3,500 crore after the sale elicited a 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.

DSP Merrill Lynch, ICICI Securities, Citigroup Global Markets India, CLSA India, Edelweiss Financial Services, IIFL Holdings and SBI Capital Markets managed the issue.

With PTI Inputs