ICICI Bank Ltd - (Nyse: IBN) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : ICICI Bank Ltd - (Nyse: IBN)

IBN 29.34

-1.5%

3:47 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Mohan Marette who wrote (6)	3/28/2000 10:19:00 AM
From: Mohan Marette	Read Replies (1) of 15

UPDATE 1-ICICI Bank NYSE debut seen at a premium Tuesday March 28, 10:13 am Eastern Time BOMBAY, March 28 (Reuters) - Indian private sector bank ICICI Bank will become the first Indian bank to list in the U.S. markets when its American Depositary Shares (ADS) will begin trading on the New York Stock Exchange on Tuesday. Analysts expect the ADS to record a gain of more than 20 percent on the first day of its listing over its offer price of $11. ``It appears to be a good price for the investors. They will see an appreciation of at least 50 percent in the next five days and may be even half the gains could come on the first day,' said Vimal Jain of Prime Broking Company India. ICICI Bank priced its ADS, which comprises of two domestic shares, at a 5.5 percent premium to the five-day average price on the Bombay Stock Exchange and the National Stock Exchange. Shares of ICICI Bank closed at 261.35 rupees on the Bombay Stock Exchange on Tuesday. The ADS issue received bids worth $2.2 billion including $1.5 billion from institutional investors and $700 million from retail investors. ICICI Bank has been started by India's leading financial services company ICICI Ltd (NYSE:ICd - news). Analysts said ICICI Bank's listing will be the first of the many expected from the Indian banking sector and that there would be a pricing differential. ``It is a good sign for Indian banks and we should see several banks listing in the U.S. markets shortly,' Jain said. Their presence in Internet banking and expectations of high growth rates are expected to help private sector banks attain better premiums. ``The private sector banks have done well on the Internet front and are expected to record a fast growth rate. This is being reflected in the price.' said Tabassum Inamdar of Jardine Fleming India Broking. biz.yahoo.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next