ICICI Bank issue oversubscribed over 11 times

23 June 2007

Mumbai: The Rs8,750 crore follow-on public offer (FPO) of ICICI Bank, India''s second largest bank, was subscribed 11.50 times. The issue received good response from investors, especially qualified institutional investors. QIBs like Citi & Merrill Lynch, Temasek and LIC have put in largest bid for the issue following by SBI.

The issue of 98.8 million shares received over 1136.9 million bids, out of which more than 34.1 million bids were at the cut off price.

QIBs have given huge support to the issue, the reserved portion of around 46.9 million shares subscribed nearly 22 times. Maximum bids have been put in by foreign institutional investors, more than 750 million bids following by domestic financial institutions and mutual funds around 208.5 million and 55.8 million bids, respectively.

Non-institutional investors have also helped the issue with 6.15 times subscription. Retail response was mild although the bank has provided part payment method to them. Their portion subscribed just 1.03 times.

Citi, Merrill Lynch, Temasek and LIC have put in $2 billion worth of bids each. India''s largest bank, SBI has put in $1.35 billion worth of bid and Warburg Pincus worth of $993 million.

GIC, another Singapore government arm. is also believed to have put in a large bid.