Sensex Trades On A Flat Note; Power & PSU Stocks Underperform

After opening the day higher, Indian share markets are trading on a flat note. Sectoral indices are trading on a mixed with stocks in the consumer durables sector and information technology sector witnessing maximum buying interest. While power stocks & PSU stocks are trading in the red.

The BSE Sensex is trading higher by 60 points and the NSE Nifty is trading higher by 16 points. The BSE Mid Cap index is trading down by 0.4% while the BSE Small Cap index is trading down by 0.3%. The rupee is trading at 65.22 to the US$.

In news from IPO space, ICICI Securities, a leading securities firm in India, is coming out with its initial public offering (IPO) to raise Rs 40 billion. The issue is scheduled to open on 22 March and close on 26 March 2018.

The price band of the issue is Rs 519-520 per equity share of the company of face value of Rs 5 each.

The IPO consists of an offer for sale of equity shares aggregating up to 77.2 million equity shares of the company by the promoter – ICICI Bank. Of the total issue, 0.39 million shares are reserved for the shareholders of ICICI Bank.

The bids can be made for a minimum of 28 equity shares.

The company offers a wide range of financial services including brokerage, financial product distribution and investment banking and focuses on both retail and institutional clients.

The share is going to list on Bombay Stock Exchange (BSE) and National Stock exchange (NSE).IIFL Holdings, BofA Merill Lynch, Citi, CLSA, Edelweiss, SBI Capital Market are the book running lead managers to the offer. The registrar to the offer is Karvy Computershare.

To know our view on the above IPO, you can read our IPO note here.

Speaking of IPOs, the demand for IPO’s has reached sky-high levels. Avenue Supermarts was seen as the first company last year to cross the 100-time subscription mark swiftly followed by CDSL and Dixon technologies, among others.