India's largest private lender ICICI Bank [Get Quote] has received bids for more than 100 crore shares, over ten times the shares on offer in its public issue. The Follow-on-Public Offer has been subscribed 10.53 times according to latest updates on Friday, the last day of the bidding process. It received bids for over 104.13 crore shares as against a total issue size of 9.88 crore shares, latest data available with stock exchanges show. The company could raise over Rs 9,000 crore (Rs 90 billion) from the issue, if it sells the shares at the higher end of the price band of Rs 885-950 a share.
The FPO is a part of the company's plan to raise about five billion dollars from the issue of equity shares in domestic and international markets. The issue, which opened on June 19, was fully subscribed soon after the bidding began and would close at the end of working hours on Friday, June 22.
Investment bankers had expected the last day to be marked with higher subscriptions from retail investors, taking a cue from strong demand by institutional investors.
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