16 April, 2018
Davis Polk advised the book-running lead managers on the INR 35.15 billion (approximately $539 million) initial public offering and listing on the Bombay Stock Exchange and the National Stock Exchange of India of the equity shares of ICICI Securities Limited. The initial public offering consisted solely of a secondary offering of 67,593,245 shares by ICICI Bank Limited, the promoter selling shareholder, including a reservation of 1,315,412 shares for purchase by the ICICI Bank shareholders. The shares were sold inside India in a public offering registered with the Securities and Exchange Board of India and outside India in a private placement to a limited number of institutional and other investors under available offering exemptions in other jurisdictions, including the United States.
ICICI Securities Limited is a technology-based securities firm in India that offers a wide range of financial services including brokerage, financial product distribution and investment banking and focuses on both retail and institutional clients and was a wholly owned subsidiary of ICICI Bank, India’s largest private sector bank by total assets.
The Davis Polk corporate team included partner William F. Barron, counsel Gerhard Radtke and Faisal Baloch and registered foreign lawyer Tae-Hun Kim. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Associate Zixuan (Jennifer) Wang provided 1940 Investment Company Act advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.
This announcement is not offer for sale of securities in the United States. The securities referred to herein (the "Securities") have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be sold in the United States absent registration or an exemption from registration under the Securities Act. The issuer of the Securities does not intend to register any part of the offering in the United States or to conduct a public offering of the Securities in the United States.
