India's largest private sector bank executed one of the most successful follow-on offerings of the year yesterday December 6, raising $1.52 billion from a combined ADR and ordinary share offering.
The Merrill Lynch and Morgan Stanley led deal for ICICI Bank set a number of new precedents for the Indian market. The deal not only ranks as the largest ever primary equity offering from the country, but is also the second largest follow-on primary capital raising from Asia this year after PetroChina.
Overall, it ranks second to ONGC's privatization as the largest equity offering of any kind from the country. It also marks the...
