The 'observations' are very important to any company for launching public issues like initial public offer (IPO), follow-on public offer (FPO) and rights issue.
Going by the draft red herring prospectus (DRHP), the public issue comprises sale of 64,428,280 equity shares, amounting to 20 per cent stake, by ICICI Bank.
The offer includes a reservation of up to 32.21 lakh shares for individual as well as Hindu Undivided Family (HUF) shareholders of ICICI Bank.
According to merchant banking sources, the IPO is expected to garner Rs 30-40 billion.
"The objects of the offer for the company are to achieve the benefit of listing the equity shares on the stock exchanges. Further, the company expects that the listing of equity shares will enhance its visibility and brand image and provide liquidity to its existing shareholders," the preliminary papers noted.
DSP Merrill Lynch, IIFL Holdings, SBI Capital Markets, Citigroup Global Markets India, Edelweiss Financial Services and CLSA India will manage the company's public issue.
Last year, ICICI Bank had diluted part of its holding in ICICI Lombard General Insurance Company's IPO.
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