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ICICI Securities hires banks for Rs 30 billion IPO

SINGAPORE: ICICI Securities has hired Bank of America Merrill Lynch, Citigroup, Citic CLSA, Edelweiss and IIFL Holdings for a Rs20bn -Rs30bn (US$310m-$465m) IPO slated for early next year, a person with knowledge of the transaction said.

The company plans to file the draft prospectus this month. Parent ICICI Bank will be selling shares in the IPO. ICICI Securities offers investment banking, institutional broking, retail broking and private wealth management services.

Since last year ICICI Bank has been selling stakes in subsidiaries such as ICICI Prudential and ICICI Lombard.

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