ICICI Securities puts listing plans on hold

ICICI Securities puts listing plans on hold
PTI
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First Published: Sun, Mar 15 2009. 11 00 AM IST
Updated: Sun, Mar 15 2009. 11 00 AM IST
Mumbai: With a bearish stock market, ICICI Securities has said it has put on hold plans to go for an initial public offer.
“We are not having any listing plans right now...we have adequate capital...In the current situation, when valuations are depressed, it (listing) will not be beneficial for shareholders,” ICICI’s broking arm Managing Director & CEO, Madhabi Puri Buch, told PTI here.
The company will wait for a more appropriate time (to hit the capital market), Buch said.
In January last year, ICICI Securities Board had approved an IPO to offload 15% of its equity to retail and institutional investors.
Asked when she expected revival in the IPO market, Buch said disinvestment of large public-sector undertakings could be the way forward and she did not expect this to happen until the new Government takes over after Lok Sabha elections.
A couple of large IPOs of PSUs could set the ball rolling triggering more IPOs, she said, adding, the earliest this could happen was in the second quarter of the next fiscal.
On FII outflow, Buch said, she did not expect anymore ‘knee-jerk´ reactions from foreign investors and the large part of FIIs in India were long-term investors.
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First Published: Sun, Mar 15 2009. 11 00 AM IST