ICICI Bank Limited follow-on issue opens with bang, receives 2.74 times subscription

The follow-on public issue of ICICI Bank Limited which opened for subscription today - Tuesday, June 19 - 2007 has received overwhelming response from institutional investors with the issue receiving 2.74 times subscription at the end of first day.

The issue has received bids for 270848562 equity shares against the offer of 98870056 shares resulting in a subscription of 2.74 times. The issue has received bids for 177516 shares at cut-off price.

The issue has received maximum bids in the price band of Rs.900 to Rs.930 against the public issue price band of Rs.885 to Rs.950.

The Qualified Institutional Buyers (QIBs) portion of the issue has received bids for 257012610 equity shares against the offer of 46963276 equity shares resulting in a subscription of 5.4726 times. The Non Institutional Investors portion of the issue received subscription of 0.9670 times with bids for 13624038 equity shares against the offer of 14088984 equity shares.

The Retail Individual Investors (RIIs) portion of the issue has received bids for 211914 equity shares against the offer of 32874294 equity shares resulting in a subscription of 0.0064 times. The Eligible Shareholders Reservation of the issue has received no bids on the first day of issue. The Eligible Shareholders Reservation is for 4943502 equity shares.

Source : Equity Bulls

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