ICICI Gears Up for Jumbo Issue; DLF Closes on Rs.525 Per Share

The bourses are gearing up for another mega issue – this time from ICICI Bank which will set rolling a USD 5 billion follow-on offer tomorrow to finance its overseas and rural network and promote infrastructure projects in India worth USD 500 billion.

As reported earlier, the equity issue from India’s largest private sector bank is being raised on the domestic and international markets, the latter through issue of American depository shares in New York, on a price band of Rs.885 to Rs.950 per share.

ICICI Bank’s reservoir of 4 to 5 lakh retail investors will be rewarded with a 5% discount

Meanwhile, DLF Ltd. has raised Rs.91.88 billion (USD 2.24 billion) from the IPO that ended on Friday through a sale of 175 million shares, priced finally at Rs. 525 a share.

Now valued at USD 22 billion, the country’s largest real estate developer is betting on a long-term growth in Indian real estate, despite the current slowdown in the property market.

DLF received 607.2 million bids for its shares, the strongest support
coming in from institutional funds. DLF is one of the two bidders, the
other being Emaar-MGF for the coveted Commonwealth Games 2010 project.