LIC said to lead bidding in NSE’s Rs 22,800 crore India IPO
ICICI Bank is in focus in an ipo & listings development with September 24 in focus.
22 Sept 2026 · Economic Times Markets
LIC emerged as the largest bidder in NSE’s ₹22,800 crore IPO with ₹4,500 crore in bids, joined by ICICI Prudential and Quant Mutual Fund. Despite cautious retail participation (1.3x), strong institutional demand (12.7x) drove overall subscription to 5.7x ahead of its September 24 listing on BSE.
Key facts
- Dates in focus
- September 24
The analysis
ICICI Bank reported Rs 22,800 crore and ₹4,500 crore. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is +0.6% on the day at ₹1,350.20, and has returned -4.7% over three months. It sits 8% below its 52-week high. The banks sector has moved -4.0% over the same period, so ICICI Bank is running 0.7 points behind its peers.
For ICICI Bank, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.
Why it matters
- Listing activity is a read on risk appetite — a hot primary market usually means a confident secondary one.
- Fund flows and NAV moves show where domestic retail conviction is actually going, month after month.
- With NSE, BSE involved, this carries a regulatory dimension that can outlast the immediate market reaction.
Market context
- The company directly in focus is ICICIBANK.
- Sector exposure: Banks.
In this story
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