ICICI Securities made a negative debut on the bourses with the stock listing at Rs 431.10 on the BSE, a 17 per cent discount to the issue price of Rs 520. On NSE, the stock listed at Rs 435. This was the second worst listing of 2018 after Karda Constructions, earlier this month, made a tepid debut with a deep discount of 24.44 per cent over its issue price of Rs 180. 

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Avinash Gorakssakar, HoR, Joindre Capital belives the tepid listing for ICICI Securities was expected as the public issue was richly priced. Gorakssakar, however, is bullish on the stock for the long-term. 

"I don't see any risk reward on the stock in the short-term, however, the stock looks good for the long-term as it comes out with its quaterly numbers. Investors can buy ICICI Securities around Rs 425 levels. I believe the stock will stabilise around Rs 475 to Rs 450," said Gorakssakar. 

ICICI Securities IPO was opened for subscription between March 22 and March 26. The company had fixed a price band of Rs 519-520 per share. ICICI Securities had reduced the size of its IPO to little over Rs 3,500 crore after the share sale received a sluggish response, especially from high networth individuals. 

The share sale of the leading brokerage firm -- which was to raise up to Rs 4,016 crore -- received around 88 per cent subscription, including the anchor portion. 

In a statement, ICICI Securities said it has “successfully closed its proposed Offer for Sale (OFS) and raised around Rs 3,500 crore”. 

Chanda Kochhar, MD & CEO, ICICI Bank skipped the listing ceremony amid ongoing controversy over an alleged conflict of interest linked to her in relation to her husband Deepak Kochhar’s business dealings.