India's best securities house 2023
ICICI Securities boasts breadth and depth in India’s investment banking market. It works with all types of companies – from small to large – and dominates asset classes including IPOs, rights issues, offers for sale, block deals and infrastructure investment trusts.
It has used that reach and presence to its advantage in the past year. Between April 1, 2022, and March 31, 2023, ICICI ranked fourth among IPO bookrunners in India, with a market share of 8.3% from nine deals, according to Dealogic. Among the largest was Life Insurance Corporation of India’s $2.7 billion landmark IPO in May 2022, where ICICI was one of 10 bookrunners.
ICICI also had the left lead bookrunner role in several other listings during Asiamoney’s awards period, including KFIN Technologies’ Rp15 billion ($181 million) listing, Five Star Business Finance’s Rp15.9 billion IPO, Fusion Micro Finance’s Rp11 billion deal and Prudent Corporate Advisory Services’ Rp5.4 billion IPO.
It was also the left lead on a jumbo Rp38.4 billion offer for sale in Axis Bank in November 2022, a Rp12.2 billion placement in National Highways Infra Trust and a Rp24.7 billion placement-plus-block deal in AU Small Finance Bank.
Such a client roster meant ICICI was largely able to hold its own despite a near 48% year-on-year slump in ECM volumes in India during the awards period.