GO
Loading...

Domestic Part of ICICI IPO More Than Two Times Oversubscribed

The domestic portion of ICICI Bank's initial public offering received an overwhelming response today from investors hoping the bank will benefit from India's surging economy and was more than two times oversubscribed.

The country's largest private sector bank is raising up to 100.62 billion rupees from the domestic market, and a similar amount through an issue of American Depositary Shares.

The bank will use the money to expand international and rural banking and offer more loans to consumers.

The offer, through a 100 pct book-building route, was oversubscribed by 2.7 times, according to data released by the National Stock Exchange. So far, the bank has received nearly 266 million bids for 98.8 million shares.

The bank has set an indicated price band of 885 to 950 rupees a share.

Retail investors will get a 50 rupees discount to the final price that will be fixed by the bank. The domestic offering will close on June 22.

The issue is being lead managed by Goldman Sachs (India) Securities, DSP Merrill Lynch, Enam Financial Consultants and JM Financial Consultants.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More

Don't Miss

U.S. Video

  • Qualcomm is reporting EPS beat of $1.34 adjusted on revenue beat of $7.10 billion, with CNBC's Jon Fortt.

  • President Obama has dropped his controversial proposal to tax 529 plans, but as CNBC's Sharon Epperson reports, the ability to withdraw tax-fee funds for higher education isn't the only reason these plans are an attractive vehicle for millions of families to save for college.

  • "The Playboy of Indiana" Timothy Durham dates exotic models, owns 80 sports cars, all bankrolled by a $200 million fraud.