ICICI Bank issue sold out on Day 1

FIIs largest bidders, maximum bids at Rs 280.

Foreign Institutional Investors (FIIs) were the largest single bloc of bidders in the Rs 3,500 crore ICICI Bank issue, inclusive of the greenshoe option of Rs 450 crore, which was fully subscribed on the first day itself.

The maximum number of bids (33.4 million shares) were received at Rs 280, followed by 30 million shares at Rs 295, the highest point in the Rs 255-Rs 295 price band. Bids for 22.1 million shares were received at Rs 255.

The ICICI Bank scrip closed at Rs 298.60 on the Bombay Stock Exchange (BSE), down a marginal 0.68 per cent over Thursday's close.

According to data posted on the National Stock Exchange (NSE) website, the issue of 119.6 million shares received bids for 137.7 million shares, implying  a subscription of 115.13 per cent. However, data on the BSE website at 7.30 pm showed that the issue had been subscribed 130.35 per cent, with bids for 155.8 million shares. The BSE website said its figures include bids received on the NSE, too.

According to data posted on the NSE website, FIIs had put in bids for 82.1 million shares on the first day. They were followed by domestic insurance companies which put in bids for 26.3 million shares and mutual funds with bids for 21.6 million shares.

The Life Insurance Corporation of India (LIC), the General Insurance Corporation of India (GIC) and its four erstwhile subsidiaries had made their initial bid at Rs 285 per share. LIC has made a bid for 10 per cent of the issue size. It currently holds 7.98 per cent stake in the private sector bank.

GIC and the four state-owned general insurance companies intend to maintain their total current holdings in the bank at 6.59 per cent. They have accordingly bid for a portion of the fresh issue whereby if allotted, their stake will be maintained.