New Delhi : ICICI Securities on Monday reduced the size of its initial public offer to little over Rs 3,500 crore after the sale elicited a sluggish response, especially from high net worth individuals.

The share sale of the leading brokerage firm — which was to raise up to Rs 4,016 crore — received around 88 per cent subscription, including the anchor portion, on the last day on Monday.

In a statement, ICICI Securities said it has “successfully closed its proposed Offer for Sale (OFS) and raised around Rs 3,500 crore”.

This indicates that the size of the IPO has been reduced in the wake of sluggish response. Data available with the exchanges till 1945 hours showed that the offer was subscribed 78 per cent, excluding the anchor portion. It received bids for 3,46,75,396 shares against the total issue size of 4,42,25,343 shares (without anchor portion), according to the NSE data.

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