ICICI Securities makes weak debut; stock dips 14% below issue price
In a muted debut, shares of ICICI Securities today settled at Rs 445.05 on BSE, down 14.41 per cent over its issue price of Rs 520.
The stock got listed at Rs 431.10 with a discount of 17.09 per cent over the issue price. During the day, it touched an intra-day high of Rs 462.70 and an intra-day low of Rs 431.10.
At the end of the trading session, the market capitalisation of the company stood at Rs 14,336.90 crore.
On NSE, the stock opened at Rs 435 with a discount of 16.34 per cent over the issue price.
During the day, the stock touched a high of Rs 463 and a low of Rs 435 and finally settled at Rs 441.50.
The company had raised Rs 3,515 crore from its recently concluded initial public offer (IPO).
A total of 67,593,245 equity shares have been allotted at an offer price price of Rs 520 apiece, the upper end of the price band, aggregating to Rs 3,514.85 crore.
Earlier, ICICI Securities had reduced the size of its IPO to a little over Rs 3,500 crore after the sale elicited sluggish response, especially from high net worth individuals.
The share sale of the leading brokerage firm – which was to raise up to Rs 4,016 crore – received around 88 per cent subscription, including the anchor portion, on the last day of bidding on March 26.