ICICI Securities IPO very soon - by anu_affable
According to reports in media, ICICI Securities, the investment banking arm of ICICI Bank, will come out with initial public offer very soon. Bank has not decided on the size of the IPO as yet.
In the begining of the year, the board of ICICI Securities had approved the initial public offer and private placement of shares to one or more institutional investors.
Soon after the decision, ICICI Bank Joint Managing Director and CFO Chanda Kochhar had said, the shares of ICICI Securities will be listed on the bourses in about six months.
The board had decided to offload 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.