Yet, thanks to strong institutional interest, the issue sailed through on Day 3 of the bidding process. The brokerage, promoted by India’s largest private lender ICICI Group, eventually had to reduce the issue size to sail through.Centrum Broking found the IPO expensively priced at 49.6 times its FY17 earnings. This was in comparison to Motilal Oswal Securities' 44 times, IIFL Holdings' at 33.5 times and Edelweiss Financial Services' at 34.7 times valuations.“The market has punished highly priced IPO of ICICI Securities in the form of under-subscription. Aster DM Healthcare, too, hit the market with demanding valuations, despite lower margins, return on capital and earnings growth. But it managed to sail.Mishra Dhatu Nigam and Bharat Dynamics, two other state-run defence-related firms with no clear listed peers, also made home safely.

Source: Economic Times March 30, 2018 04:48 UTC