ICICI Securities to launch IPO next week

Nikita Singh
/ Categories: Trending, Markets

Stock brokerage company ICICI Securities, a subsidiary of ICICI Bank is set to launch its initial public offer to raise funds worth Rs. 40 billion. The public issue which will open on March 22 and close on March 26 and have a price band at Rs. 519 to Rs. 520 per equity share.
 
The company is planning to bring down its revenue volatility by raising its distribution business through introduction of new products and services. The company is also planning to improve its customer adoption of SIPs and expand its operations at large. 
 
Through the IPO, ICICI Bank will be offering over 77.2 million equity shares in ICICI Securities through offer for sale, following which the proceeds from the IPO will be taken by the bank. 
 
ICICI Securities had posted a hike of 43 per cent in its profit to Rs. 337.61 crore in the fiscal year 2017 on a year-on-year basis. The company’s revenue stood at Rs. 1,403 crore for the corresponding year, up by 25 per cent on a yearly basis. 
 
With the listing of ICICI Securities, ICICI group’s third company will be hitting the bourses. In 2017, the group’s company ICICI Lombard General Insurance raised Rs. 5,700 crore through its IPO and in 2016, while ICICI Prudential Life Insurance raised Rs. 6,000 crore through its IPO.

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