ICICI Securities IPO to open on March 21

ICICI Securities, the broking business subsidiary of ICICI Bank, is expected to open its initial public offer on March 21, reports CNBC-TV18 quoting sources.

The company after consultation with merchant bankers may have fixed the price band at around Rs 1,215-1,240 per share.

The country's largest private sector lender is likely to raise approximately Rs 4,200 crore by diluting 24 percent equity stake in ICICI Securities through public offer.

Sources said the broking business of the bank may be valued at Rs 16,800 crore.

The issue is expected to close on March 23, sources added.

It would be the third subsidiary of ICICI Bank to launch IPO since September 2016 after ICICI Lombard General Insurance Company and ICICI Prudential Life Insurance Company.