MUMBAI: After a lull, shares of ICICI Securities Ltd inched upwards by as much as 3.2 per cent on Monday following a two-fold jump in its quarterly profit. The latest earnings are its first after going public earlier this month.Latest disclosures show sister company ICICI Prudential bailed it out by picking up over 36 per cent shares set aside for non-anchor investors. This translates to roughly 18 per cent of the total shares in the IPO. It means ICICI Prudential AMC owns 1.23 crore shares in ICICI Securities.
In all, ICICI Securities offered 44.22 million shares for subscription but pared down to 34.67 million. Subsequently, the quantum of funds to be raised was downsized to `3,500 crore from `4,000 crore.Analysts had expressed concern over the price band of `520 per share as steep. ICICI Prudential wasn’t allotted any share during the anchor allotment process. The issue had attracted high attention from domestic and foreign investors during the anchor allotment phase.