ICICI Bank, the country's biggest private lender, on Tuesday received bids for over 27 crore (270 million) shares, nearly three times the shares on offer in its follow-on public issue, generating a demand of Rs 23,975 crore (Rs 239.75 billion).
The issue was oversubscribed 2.74 times and received a majority of bids within a price range of Rs 885-910. More than 170,000 bids were at the cut-off price, data available on the National Stock Exchange show.
Shares of ICICI Bank closed at Rs 945.15, up nearly 3 per cent on NSE.
The FPO is part of the Bank's plan to mop up Rs 20,125 crore (Rs 201.25 billion) from domestic and international markets, including a green shoe option of 15 per cent. Of this, the Bank planned to raised Rs 8,750 crore (Rs 87.50 billion) from the domestic
The bank had earlier fixed the price band for the issue at Rs 885-950 a share, but retail investors were given a discount of Rs 50.
Goldman Sachs (India) Securities, DSP Merrill Lynch, Enam Financial Consultants and JM Financial Consultants are the book leading managers to the issue, which closes on June 22.
ICICI Bank has said 5 per cent of the issue (Rs 437.5 crore -- or Rs 4.375 billion) would be reserved for existing investors holding shares worth Rs 100,000 as on June 13 -
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