ICICI Bank FPO subscribed 11.5 times | india | Hindustan Times
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ICICI Bank FPO subscribed 11.5 times

india Updated: Jun 23, 2007 13:04 IST

The follow-on public offer of ICICI Bank got subscribed over 11.5 times, with major demand coming from Foreign Institutional Investors.

The FPO of about 9.88 crore shares was subscribed 11.5 times with bids for over 113 crore equity shares, according to data available with stock exchanges.

The demand was for shares worth at least Rs 1,00,500 crore, based on the lower end of the price band.

The issue, which closed on Friday, was fully subscribed soon after the bidding process had begun on June 19.

The issue received overwhelming demand from Qualified Institutional Buyers (QIBs), with the portion reserved for them getting subscribed over 21 times. FIIs bid for 75.05 crore shares and domestic mutual funds for 20.85 crore shares.

Besides, the retail portion got fully subscribed on the last day with individual investors bidding for more than 3.40 crore shares over the portion reserved for them, the data show.

The portion reserved for the non-institutional investors got subscribed by over six times of the reserved equity shares.

The company could raise over Rs 9,000 crore from the issue, if it sells the shares at the higher end of the price band of Rs 885-950 a share.

The FPO is a part of the company's plan to raise about $5 billion from the issue of equity shares in domestic and international markets, which is the largest ever share sale in value terms by any Indian company.