ICICI Securities IPO closed on March 26. Typically, the allotment process takes five working days. However, in case of ICICI Securities there was a cloud of uncertainty on whether the allotment would be completed before March 31 due to back-to-back public holidays.
Besides saving taxes, the IPO proceeds will help ICICI Bank improve its capital standing for 2017-18. Sources, however, said the bank was in consultations with auditors on whether it could show the issue proceeds as capital gain for the January-March 2018 quarter or April-June 2018 quarter.
Through the IPO, ICICI Bank offloaded shares worth Rs 35-billion in ICICI Securities. The bank was looking to sell shares worth Rs 40 billion, but the issue failed to garner full subscription. Shares of ICICI Securities are likely to list on Thursday.
Sandhar drops 3% on debut
Shares of auto component maker Sandhar Technologies ended 3.3 per cent lower over its issue price during their stock market debut on Monday. The stock closed at Rs 321 compared to its IPO price of Rs 332. In early trade, the stock had gained nearly six per cent to Rs 352. At current market price, Sandhar Tech is valued at Rs 19.4 billion. The company’s Rs 5.12-billion IPO last month was subscribed 6.2 times. BS Reporter