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ICICI Securities files for IPO

ICICI Securities has filed for an IPO with Sebi. It is offering up to 6.4 crore shares of face value Rs 5 a piece, representing 20% of the company’s total equity. It is expecting to raise Rs 3000-Rs 3500 crore in the IPO. The board of ICICI Bank, of which ICICI Securities is a unit, had approved the stake sale through an IPO. This would be its third IPO from the ICICI group in the last 18 months. It had earlier sold its stake in ICICI Prudential Life Insurance Company and ICICI Lombard General Insurance Company through IPOs. The bank is also planning to sell part of its stake in its housing finance arm ICICI Home Finance.

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