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Our Bureau

Mumbai , April 1

THE public offer from the private sector ICICI Bank has had good response in tune with market expectations.

On the very first day, ICICI Bank's Rs 3,050-crore public issue with a greenshoe option of Rs 450 crore has been oversubscribed 109 per cent.

According to the BSE, the issue, with a total size of over 11.96 crore shares, has received cumulative bids of over 13.10 crore shares, with the maximum number of bids coming at Rs 280.

Life Insurance Corporation (LIC), which already holds 7.8 stake in ICICI Bank, is said to have bid for 10 per cent of the issue at Rs 280.

Maximum bids of 3.11 crore came in at Rs 280, with the second-largest number of bids of 3.04 crore coming in at Rs 255, the lower end of the price band. The price band of the book building issue had been fixed between Rs 255 and Rs 295.

According to a banking analyst at a brokerage house, the issue price is likely to be fixed at around Rs 280 since a large chunk of bids from LIC is said to have come in at that level. There has been a lot of interest from FIIs in this issue, and they are all likely to bid at similar levels too going forward.

The public issue closes on April 7, 2004.

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