Mumbai: The Rs8,750 crore follow-on public offer (FPO) of ICICI Bank, India''s second largest bank, was subscribed 11.50 times. The issue received good response from investors, especially qualified institutional investors. QIBs like Citi & Merrill Lynch, Temasek and LIC have put in largest bid for the issue following by SBI.

>The issue of 98.8 million shares received over 1136.9 million bids, out of which more than 34.1 million bids were at the cut off price.

>QIBs have given huge support to the issue, the reserved portion of around 46.9 million shares subscribed nearly 22 times. Maximum bids have been put in by foreign institutional investors, more than 750 million bids following by domestic financial institutions and mutual funds around 208.5 million and 55.8 million bids, respectively.

>Non-institutional investors have also helped the issue with 6.15 times subscription. Retail response was mild although the bank has provided part payment method to them. Their portion subscribed just 1.03 times.

>Citi, Merrill Lynch, Temasek and LIC have put in $2 billion worth of bids each. India''s largest bank, SBI has put in $1.35 billion worth of bid and Warburg Pincus worth of $993 million.

>GIC, another Singapore government arm. is also believed to have put in a large bid.

>Goldman Sachs Group Inc and Merrill Lynch & Co are managing the sale of the shares locally and abroad. Enam Financial Consultants and JM Financial Consultants are helping with the local sale.

>Of the Rs8,750 crore public offer, ICICI Bank has reserved up to 5 per cent, or Rs437.5 crore, for existing retail shareholders of the bank (i.e. shareholders holding up to 108 shares of the bank as of June 13, 2007). The issue has a green shoe option of Rs1,312.5 crore.

The price band for the issue is between Rs885 and Rs950 per equity share. Retail bidders, including existing retail shareholders, will be allotted shares at a discount of Rs50 per share to the issue price determined through the book-building process.

>Under payment method-1, retail bidders are required to pay Rs250 per share on application, Rs250 per share on allotment and the balance amount on a call which is to be issued by the bank within a period of six months from the date of allotment, and the discount would be adjusted against the call amount. Under payment method-2, retail bidders are required to pay the full bid amount less the discount, at the time of application.

Non-institutional bidders have the option to pay Rs250 on application and the balance on allotment. Qualified institutional bidders (QIBs), who have to pay 10 per cent of the bid amount at the time of application, have the option to pay Rs250 less the margin amount on confirmation of allocation and the balance on allotment.

Non-resident bidders (including FIIs) will require prior approval of the Reserve Bank of India to subscribe to partly paid shares.

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