Comments
ICICI Securities plans to launch an IPO worth at least Rs 3,200 crore ($500 million) in February, subject to approval from the Securities and Exchange Board of India, two persons with knowledge of the transaction have said.
The investment bank has kicked off investor meetings and is seeking a valuation of close to $5 billion, implying a P/E multiple of 40. Local peers trade in a 20x45x range. Parent ICICI Bank will be selling 64 million shares in the IPO. Bank of America Merrill Lynch, Citigroup, Citic CLSA, Edelweiss and IIFL Holdings are the bookrunners.
ICICI Securities offers investment banking, institutional broking, retail broking and private wealth management services. Over the past year, ICICI Bank has been selling stakes in subsidiaries such as ICICI Prudential and ICICI Lombard.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.