ICICI offer subscribed 2.74 times

Mumbai: ICICI Bank''s follow-on public offer of about 9.88 crore shares was subscribed 2.74 times on the first day of the issue. Bids were got across the price band of Rs 885-950 for the issue, which closes on June 22. The qualified institutional investor''s portion was subscribed 5.4 times, while the retail individual investor''s portion was subscribed 0.0064 times. The bank has offered part-payment option and a discount of Rs 50 per share for retail subscribers. It received 1.77 lakh bids at the cut-off price (the price at which the bank will offer the shares after the issue). Retail investors normally study the prices prevailing in the market for 2-3 days and then invest.