ICICI Securities settles for smaller Rp35bn from lacklustre IPO

By Jonathan Breen
27 Mar 2018

ICICI Securities has raised only Rp35.2bn ($543m) from its IPO, short of the original Rp40bn target, after tough pricing led to a poor turnout from local investors.

The issuer is floating via a straight offer-for-sale (OFS) of 77.2m secondary shares, provided by parent ICICI Bank. The stock was marketed with a Rp519-Rp520 range, which gave the deal a size of Rp40.1bn to Rp40.2bn. But the price was ultimately too aggressive for domestic investors.

“The qualified institutional ...

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