ICICI Securities makes weak debut; stock dips 14% below issue price

The debut show of ICICI Securities is the worst after Coffee Day Enterprises and Reliance Power

Shares of ICICI Securities dropped 15 per cent on debut on Wednesday after a disappointing public float. The country’s leading broking and investment banking firm’s Rs 40-billion initial public offering (IPO) had managed to generate demand worth Rs 35 billion from investors last week.
 
According to market players, the poor response and listing was on account of expensive valuations and growth concerns amid the market downturn. The ongoing probe into lending practices at parent ICICI Bank, too, could have weighed on investor sentiment.
 
Among companies having an issue size over Rs 10 billion, the debut show of ICICI