ICICI Bank's $500 million American depository shares issue has been subscribed six times the issue size.
The issue closes on December 7 concurrently with the Rs 5,750 crore (rs 57.50 billion) public issue of equity shares in the domestic market. The domestic issue has received subscriptions for 1.86 times the 9.90 crore (99 million) shares on offer.
The bank also witnessed robust demand for its ADS in Japan, where it is offering the shares as public offer without listing, said sources.
The ADS is likely to be priced in line with the price band of Rs 505 to Rs 545 for the domestic issue. ICICI Bank is struggling to sell the domestic issue with retail subscriptions accounting for just a little over 12 per cent of the shares reserved in this category.
ICICI Bank has reserved 38 per cent of the total issue for retail investors, including 5 per cent for existing individual retail shareholders.
The domestic issue has received a good response from qualified institutional bidders with 2.82 times subscriptions received for the shares reserved for them. Up to 50 per cent of the issue