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ICICI Securities plans pre-IPO sale
By siliconindia
Mumbai: ICICI Securities, the broking arm of ICICI Bank, plans to sell about three percent of its equity to institutional investors through private placements ahead of its proposed initial public offering (IPO), says a person close to the development.
JPMorgan India has been given the mandate to manage the deal. This couldn't be independently verified with JPMorgan over the weekend. S. Mukherjee, managing director and chief executive officer, ICICI Securities, declined to comment.
The private placement is part of a larger plan that involves selling 10 percent of ICICI Bank's equity in ICICI Securities. In this, 3 percent going to institutional investors, 7 percent will be sold to the public through a share sale.
The source added that ICICI Bank is looking at a valuation of around Rs18,000 crore ($4.5 billion) for ICICI Securities. This means a 10 percent sale will fetch it around Rs1,800 crore ($450 million).
The bank's board approved the listing of ICICI Securities in January. The bank has five other unlisted subsidiaries: ICICI Prudential Asset Management, ICICI Ventures, ICICI Prudential Life Insurance, ICICI Lombard General Insurance and ICICI Securities Primary Dealership.
ICICI Securities has a presence across most segments of the capital market: investment banking, institutional equity and debt broking. ICICIdirect.com, its retail broking business, is among the largest online brokerages in the country with at least 1.4 million customers. The firm handles, on average, around 350,000 trades a day.