ICICI Bank issue over three times subscribed

20 June 2007

Mumbai: The Rs10,062.5-crore follow-on public offer (including a green shoe option of Rs1, 312.50 crore) of ICICI Bank, India''s biggest private sector lender, was oversubscribed 3.15 times.

The share issue, the largest ever to hit the Indian capital market, opened for subscription on June 19 and was oversubscribed 3.15 times with bids received for over 310 million shares against the 98.8 million shares on offer.

The QIB portion comprising 46.9 million shares was subscribed over six times. Foreign institutional investors submitted over 19 crore bids, followed by domestic financial institutions, including banks and insurance companies, who bid for 9.09 crore shares.

Up to 5 per cent of the issue, worth Rs437.5 crore, has been reserved for existing retail shareholders of the bank who held less than 110 shares of the bank as of June 13, 2007.

Retail investors, including existing shareholders, will be allotted shares at a discount of Rs50 a share to the issue price determined through the book-building process.

The price band for the issue has been fixed at between Rs885 and Rs950.