I-Sec successfully closes ~INR 150,000 mn QIP for ICICI Bank Ltd

ICICI Securities (I-Sec) has successfully completed the ~INR 150,000 mn Qualified Institutional Placement (QIP) for ICICI Bank Ltd ("Bank"), one of the largest private sector banks in India and an important part of the Indian financial services sector.

Transaction Highlights

- Largest equity offering ever by a private sector bank in India of INR. 150,000 mn

- Successfully priced at a 1.9% premium to floor price, based on strong anchor feedback

- Completed within 30 days of kick-off and launched upon receipt of shareholder approval

- Demand book saw robust response from high quality FIIs and DIIs and was over-subscribed more than 4x

- Anchored by marquee investors like Government of Singapore, CounterPoint (MSIM), Wellington, Norges, Nomura, APG, Fairfax, Neuberger Berman, HDFC MF, SBI MF, Birla MF, Axis MF, SBI Life, Premji and HDFC Life.

I-Sec procured bids from FIIs including GIC, CounterPoint (MSIM), Nomura, EastSpring, First State, BlackRock, APG, Fidelity International and DIIs including HDFC MF, SBI MF, SBI Life and Bajaj Allianz Life.

I-Sec has been a banker in 7 of the 8 BFSI fundraises in FY21 till date, equating to ~90% market share. The key BFSI deals included ICICI Bank, HDFC Limited, Axis Bank and Yes Bank among others. On an overall basis, I-Sec was a banker to 12 of the 21 companies who raised funds through ECM transactions in FY21, with two thirds market share by value.

Shares of ICICI Securities Ltd was last trading in BSE at Rs.461 as compared to the previous close of Rs. 468.55. The total number of shares traded during the day was 37482 in over 3203 trades.

The stock hit an intraday high of Rs. 476 and intraday low of 457.35. The net turnover during the day was Rs. 17356441.

Shares of ICICI BANK LTD. was last trading in BSE at Rs.367.9 as compared to the previous close of Rs. 374.35. The total number of shares traded during the day was 1453519 in over 13997 trades.

The stock hit an intraday high of Rs. 369.65 and intraday low of 362.55. The net turnover during the day was Rs. 531909907.

Source : Equity Bulls

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