ICICI Bank IPO

ICICI Bank IPO was launched on June 18, 2007 a week after the opening of the DLF IPO. ICICI Bank raised Rs. 10,000 crores from investors from its Initial Public Offerings (IPO). ICICI Bank's domestic issue is part of a USD 5 billion capital raising program. ICICI IPO offered discount rates to its retail investors. The subscriptions of ICICI IPO closed on 22nd June 2007. One of the chief focuses of ICICI IPO was to generate interest among the retail investors keeping in view the prevailing market price of around Rs. 903. The ICICI Bank IPO has reportedly crossed the expected subscription amount by 10.5 times. The public offerings of the bank were subscribed by 11.5 times.

The retail investors got subscription of 1.1 times the issue size of the IPO. As a consequence of this, the retail investors who booked the subscription by making payment in installments will have to pay off the amount in only two installments. Besides, they will get partly paid shares.

ICICI Bank has planned up to elevate another USD 2.5 billion from the issue of American Depository Receipts. ICICI Bank has also decided to raise money by selling off the shares of its investment company for insurance business. This selling off of shares of the investment company of ICICI Bank will be cleared by RBI and IRDA. In 2007, ICICI Bank has got the approval from the Foreign Investment Promotion Board (FIPB) to sell up to 24 percent equity in the ICICI investment company. The international investors will be endowed with 5 percent equity from ICICI Bank. The bank has also decided for a shifting of its assets in other subsidiaries namely ICICI Prudential Life Insurance, ICICI Lombard General Insurance and ICICI Prudential Asset Management.