ICICI Bank, which is the largest private sector bank in India, may come out with an IPO for its investment banking division based unit, called ICICI Securities.
"We will look at it (IPO of ICICI Securities) based on market condition," Kamath, the heads of ICICI bank was saying, as per the news published in the Economic Times.
At present, there is no particular hurry to list the shares of the company, he said.
Interestingly, the board of ICICI securities in January has already approved of the IPO and selling of shares to private investors and institutional investment banks and firms.
At that time, the news was that the IPO will be available in the market within 6 months time. However, looking at the dismal performance of the big stalwart IPOs like the Reliance Power IPO and EMaar MGF IPO cancellation, the officials thought otherwise. However, the market situation is improving, hence the company may like to list the IPO in this quarter. Even Emaar MGF is said to come out with its IPO again
The board had decided to sell around 15 per cent of its shares to retail or institutional investors.
ICICI Securities having an equity capital of Rs 61 crore is a major player in retail broking and has posted revenues of Rs 527 crore during the first nine months of the current fiscal while profits were at Rs 108 crore in the same period.
| Let’s see how this IPO from ICICI securities perform and when does it hit the primary markets. | Table of Contents |
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