Mumbai: The Rs4,017 crore initial public offering (IPO) of ICICI Securities Ltd, the brokerage and investment banking arm of ICICI Bank Ltd, witnessed a subscription of 29% on Thursday, the opening day of the sale.

As of 5pm, the portion of shares reserved for institutional investors saw a subscription of 49%, while those kept aside for retail investors and high net-worth individuals (HNIs) were subscribed 22% and 4%, respectively.

ICICI Securities has set a price band of Rs519-520 per share for the IPO. At the upper end of the price band, the share sale values the company at Rs16,751 crore.

The ICICI will close on 26 March.

The ICICI Securities IPO is a pure secondary offering that will see the parent ICICI Bank sell a total of 77.24 million shares. The secondary offering includes a reservation of 3.86 million shares for ICICI Bank’s shareholders.

ICICI Securities offers financial services such as retail and institutional broking, financial product distribution, investment banking, merchant banking and advisory services to financial institutions, corporates, retail investors and HNIs.

Also on Thursday, the Rs438 crore IPO of state-owned Mishra Dhatu Nigam Ltd (Midhani) a subscription of 64%, the second day of the share sale. The offer will close on 23 March.

While the portion of shares reserved for institutional investors in the Midhani IPO received a firm response, those reserved for other categories of investors are still under-subscribed.

As of 5pm, on the institutional front, the IPO saw a subscription of 1.09 times, or 109%, while portions reserved for retail investors and HNIs were subscribed 31% and 1%, respectively.

Midhani has set a price band of Rs87-90 per share.

The sale is a pure secondary offering that will see the government sell a total of 48.7 million shares, representing a stake dilution of about 25%.

Midhani was established in 1973, with an aim of achieving self-reliance in the research, development and supply of critical alloys and products of national security and strategic importance.

Close