The Hindu Business Line : ICICI Bank issue subscribed 2.74 times on Day 1

Mumbai June 19 ICICI Bank's follow-on public offer of about 9.88 crore shares was subscribed 2.74 times on the first day of the issue, according to data from the NSE Web site.

Bids were received across the price band of Rs 885-950 for the issue, which closes on June 22.

The qualified institutional investor's portion was subscribed 5.4 times, while the retail individual investor's portion was subscribed 0.0064 times (number of shares bid was 2.11 lakh).

The bank has offered part-payment option and a discount of Rs 50 per share for retail subscribers.

The non-institutional investors' portion was subscribed 0.96 times.

So far, the issue has received 27.08 crore bids, as per data on the site at 5 p.m. on Tuesday.

It received 1.77 lakh bids at the cut-off price (the price at which the bank will offer the shares after the issue).

The maximum number of bids was received at the lower end of the price band.

A banking analyst said, "The details on retail portion can only be evaluated at the end of the issue. Retail investors normally study the prices prevailing in the market for 2-3 days and then invest."

ICICI Bank plans to raise up to Rs 8,750 crore (excluding greenshoe option) through the offer to meet its capital requirements.

The bank will raise an equal amount through American depository shares.

ICICI Bank's shares went up 2.89 per cent to close at Rs 944.40 on the BSE today, up from the previous close of Rs 917.85.

The Sensex closed at 14,295.50 points, up 215.36 points or 1.53 per cent from the previous day's close.

Of 2,628 stocks traded, 1,399 advanced, 1,146 declined and 83 remained unchanged. The Bankex gained by 2.71 per cent to close at 7,681.51.

Bank of India was among the top gainers for the day, gaining 6.6 per cent to close at Rs 204.05.

The Nifty rose 1.62 per cent to close at 4,214.60.

FIIs were net buyers to the tune of Rs 171.71 crore, according to provisional data from the NSE.

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