ICICI Securities Rs 40-billion IPO fails to garner full subscription

The Rs 40-billion initial public offer (IPO) of ICICI Securities' equity failed to garner full subscription. The 44 million share offer from the country's largest broking outfit got bids for 34.5 million shares, worth about Rs 18 billion.

After allotting Rs 17.2 billion of shares to anchor investors, the IPO plan was to mop another Rs 23 billion. 

This was despite a list of marquee investment banks handling the issue. Bank of America Merrill Lynch, Citibank, CLSA, Edelweiss, IIFL, SBI Capital and ICICI Securities were lead managers. 

Due to the demand shortfall of about Rs 5 billion, parent ICICI Bank