The issue will open for subscription on March 20 and close on March 23. It will comprise 25.8 lakh equity shares constituting 25.81% of the post-offer capital
MUMBAI: Credit rating firm Icra on Monday announced a price band of Rs 275-330 per share for its initial public offering. The issue will open for subscription on March 20 and close on March 23. It will comprise 25.8 lakh equity shares constituting 25.81% of the post-offer capital
IFCI, State Bank of India and administrator of the specified undertaking of UTI (SUTI) are making this offer of sale. IFCI and SUTI, which hold 21.13% and 7.95%, respectively, will fully liquidate their holdings through the issue, while SBI’s stake will come down to 9.99% from 11.59%.
According to Naresh Thakkar, managing director, Icra, the rating firm is not raising any money for itself through the issue. However, it is planning an employee stock option plan (ESOP) for its top management.
“Our existing shareholder capital is Rs 8.80 crore. As per listing guidelines, we need to raise it to Rs 10 crore. So, the differential will be issued to the employee welfare trust and also to Moody’s Investor Service,” said Thakkar.
Global rating agency Moody’s Investors Service, which is a strategic partner, will get a preferential allotment at the same offer price. It will hold a stake of about 28.51 % in ICRA after the IPO.
The offer is being made through the 100% book building process, wherein up to 50% of the offer will be allotted to QIBs.
Interestingly, even though the company is in the business of rating, which includes grading of IPOs, it has opted out of any grading for its IPO. “Since the process involves disclosing all confidential information to one of the competitors for grading, we decided not to go for grading,” PK Choudhury, vice chairman and group CEO, said.
Kotak Mahindra Capital Co and SBI Capital Markets Ltd are the managers for the issue.
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