ICICI Securities, a subsidiary of private sector lender ICICI Bank, has received markets regulator Securities and Exchange Board of India's (SEBI) approval to raise an estimated Rs 3,000 - Rs 4,000 crore through an Initial Public Offering (IPO). Last year in December, the company had filed its draft papers with SEBI and received observations from the regulator on February 2.
The public issue comprises sale of 64,428,280 equity shares, amounting to 20% stake, by ICICI Bank. The offer includes a reservation of up to 32.21 lakh shares for individual as well as Hindu Undivided Family (HUF) shareholders of ICICI Bank.
DSP Merrill Lynch, IIFL Holdings, SBI Capital Markets, Citigroup Global Markets India, Edelweiss Financial Services and CLSA India are book running lead managers to the issue.
ICICI Securities provides institutional and retail broking, merchant banking, and advisory services to corporates, financial institutions, high net-worth individuals, and retail investors in India.