ICICI Bank to list I-Sec soon: Sources

ICICI Bank to list I-Sec soon: Sources

CNBC-TV18 has learnt from sources that ICICI Bank plans to list its 100% subsidiary ICICI Securities. Sources added that brokerages value I-Sec at Rs 25-45 per share of ICICI Bank.
ICICI Bank is looking at various options on an ongoing basis and said that any decision on subsidiary will be conveyed at the right time.

ICICI Bank called an analyst meet today to brief the analysts about the various subsidies and how they are doing and how their business is, going forward. What we have picked up from reliable sources is that they are looking at listing of its subsidiary, ICICI Securities. It is in the broking space catering to all the verticals including institutional broking, retail broking, as well as investment banking.

Many brokerages have valued this subsidiary of ICICI Bank anywhere between Rs 25 to Rs 45 per share for ICICI Bank. That means a valuation of close to Rs 5,000 crore for ICICI Securities. That could be pretty much on the lower end compared to the other listed brokerages, which have been on fire post listing as well as with the listing of their new companies like Motilal Oswal, Edelweiss and Religare.

So clearly, it makes sense for ICICI Bank to go out and list the subsidiary. An official spokesperson of ICICI Bank said that they are looking at various options, they keep on looking at ongoing options on various subsidiaries and at an appropriate time they may announce something on those lines, but as of now they said that they cannot comment particularly on this ICICI Securities IPO.

We did try to speak to many other market participants as well; there is a buzz that this makes sense for ICICI Bank to do it and there is a possibility that this will be announced soon. Just look at the valuation parameters, Religare, Motilal Oswal, Edelweiss, all are trading at a higher valuations and the market might give very hefty valuations to ICICI securities as well.

CNBC-TV18 Disclaimer:
This information is source-based and has not been provided to the stock-exchanges.


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