ICICI Securities debuts at Rs 453.80, down 13% from issue price
ICICI Securities started off the first day on a negative note due to tepid response to the issue and analysts’ doubts over consistency in financial performance going ahead.
The stock price debuted at Rs 453.80 on the National Stock Exchange, down 12.73 percent compared to issue price of Rs 520.
In morning trade, it touched a high of Rs 459, and low of Rs 435, the pre-opening price.
It fell more than 16 percent in pre-opening trade.
The broking subsidiary of ICICI Bank raised Rs 3,515 crore at the issue price of Rs 520 per share through initial public offering last week.
The public issue closed on March 26 after three days of bidding in a price band of Rs 519-520.
ICICI Securities had reduced the size of its initial public offer (IPO) to little over Rs 3,500 crore after the sale elicited a sluggish response, especially from high networth individuals.
The share sale of the leading brokerage firm — which was to raise up to Rs 4,016 crore — received around 88 percent subscription, including the anchor portion, on the last day of the bidding.