At Rs 445.05 on BSE
Shares of ICICI Securities settled at Rs 445.05 on BSE, a discount of 14.41% over the initial public offer price of Rs 520.
The stock debuted at Rs 431.10, a discount of 17.10% to the initial public offer (IPO) price. The stock hit a high of Rs 462.70 and low of Rs 431.10. On BSE, 13.16 lakh shares were traded on the counter.
The IPO of ICICI Securities opened for subscription on 22 March 2018 and closed on 26 March 2018. The issue received bids for 3.46 crore shares. The price band of the issue was Rs 519 to Rs 520 per share.
Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 21 March 2018, finalised allocation of 3.30 crore equity shares to anchor investors at Rs 520 per share.
The entire proceeds from the offer for sale will be paid to selling shareholders. The objects of the offer were to achieve the benefits of listing the equity shares of the company on the stock exchanges. The listing of equity shares will enhance its visibility and brand image and provide liquidity to its existing shareholders.
On a consolidated basis, ICICI Securities' profit after tax stood at Rs 399.09 crore on sales of Rs 1218.36 crore in the nine months ended December 2017.
Incorporated in 1995, ICICI Securities is a wholly owned subsidiary of ICICI Bank, India's largest financial conglomerate, offering a wide range of financial services including brokerage, financial product distribution and investment banking.
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