India's largest private sector lender ICICI Bank on Friday received over 100 crore bids, exceeding the total issue size of over 9.88 crore shares by over 10 times.
The Follow-on-Public Offer (FPO) has been subscribed 10.53 times receiving bids for over 104.13 crore shares on the last day of the bidding process, latest data available with stock exchanges show.
The company could raise over Rs 9,000 crore 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 today.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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