ICICI issue subscribed 1.3 times on opening day

ICICI Bank mega equity issue of Rs 3,500 crore, including a green shoe option of Rs 450 crore, which opened for bidding on Friday, received ...

ICICI Bank mega equity issue of Rs 3,500 crore, including a green shoe option of Rs 450 crore, which opened for bidding on Friday, received over 90 per cent response in the first 20 minutes. By the end of the day the issue was oversubscribed by 1.3 times.

According to the latest data available with National Stock Exchange and the Bombay Stock

Exchange, the investors have put in cumulative bids of over 15 crore shares at various price points.

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It is not known about the response from the retail shareholders as of now as data compilation will take some time. Like ICICI, the ONGC issue was also oversubscribed in the first 10 minutes but the retail shareholders kept away from the issue.

The institutional investors has shown strong interest and most bids are in Rs 270-275 per share price range, taking total response to over Rs 2,700 crore mark, say sources.

The book building route has price band of Rs 255 to Rs 295 per equity share for bidding process. The bidding process would close on April 7. The company is offering 11.96 crore shares and got response worth 15.41 crore shares by Friday evening.

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