ICICI BANK LTD - IPO

Type of Issue : Book Built
Issue Opens: 19 June, 2007
Issue Closes: 22 June, 2007
Issue Size : 92,105,263 (No. of Shares)

Lower Price Band : Rs.885
Upper Price Band: Rs.950

Application Multiple: 6 and in multiples there off starting with atleast 6 shares.

Maximum Shares: 102 (for Retail)

Information URL : http://www.icicibank.com/
Prospectus URL : http://www.sebi.gov.in/dp/icicibankdraft.pdf

Company Details :
Address : "LANDMARK", RACE COURSE CIRCLE, VADODARA - 390 007.
Email : jyotin.mehta@icicibank.com
Contact Details : 02226531414 /02226531122 (fax)


ISSUE Description

Company Background
They are a private sector commercial bank and, together with their subsidiaries, offer products and services in the areas of commercial banking to retail and corporate customers (both domestic and international), treasury and investment banking and other products like insurance and asset management.

Objective of the Issue
Augment their capital base to meet their future capital adequacy requirements arising out of growth in their businesses and for other general corporate purposes

Strategy for the future
Focus on quality growth opportunities by:
• Maintaining and enhancing their strong retail franchise;
• Maintaining and enhancing their strong corporate franchise;
• Building an international presence;
• Building a rural banking franchise;
• strengthening their insurance and asset management businesses.
• Emphasize conservative risk management practices and enhance asset quality;
• Use technology for competitive advantage
• Attract and retain talented professionals.

Fiscal Year ended 2007:
• 2nd largest bank in India
• Largest bank in the private sector in terms of total assets (Rs 3,446.58 billion)
• 710 branches, 45 extension counters and 3,271automated teller machines, or ATMs, across several Indian states.

April 19th 2007:
Sangli Bank an unlisted private sector bank with 198branches and extension counters merged with ICICI Bank

Key Financial details for year ended March 31, 2007:

Total Interest Income (Revenue) Rs.229.94bln PAT Rs. Mln
EPS (diluted) Rs.34.64

Recommendation:

ICICI Bank's top quality management has well - positioned it to ride along with the economic growth. ICICI Bank's aggression in retail banking, largely dominant position in asset management and in insurance and its sheer size in wholesale banking make it a compelling longterm investment.