ICICI Securities top fund mobiliser

Investment banking outfit ICICI Securities (I-Sec) has emerged as the top fund mobiliser in the domestic primary market in the first six months of the calendar year which witnessed mobilisation of over Rs 31,000 crore compared with Rs 12,530 crore last year.

According to Prime Database, the company engaged in monitoring the capital markets, I-Sec was involved in raising over Rs 23,700 crore in January-June this year, and thereby emerged as the top banker.

I-Sec was ahead of DSP Merrill Lynch, Enam, J M Financial and Kotak Mahindra Capital by participating in 76 per cent of the total fund collection in the first six months of the year.

“The Indian economy is growing at almost 10 per cent fuelling the need for companies to raise capital. The stock markets have also been among the best performing in the world which has fuelled enormous interest in equity offerings by companies. All indications are that the present trend is likely to continue for a while,” S Mukherji, managing director and CEO, I-Sec, said.

The record capital mobilisation of this year to date could mainly be attributed to the highest ever fund collection through public issues and follow-on offers in June, which saw the DLF public issue, largest ever so far, and follow-on offer of ICICI Bank.

These two issues raised nearly Rs 30,000 crore - Rs 9,100 crore by DLF and over Rs 21,000 crore by ICICI Bank - far ahead of the previous record of Rs 11,403 crore mobilised in a month in March 2004 through five issues. During the first six months in 2004, total collection from the primary market was Rs 19,190 crore.

During January-June, a combination of 57 maiden issues and follow-on offers raised a record capital. Of this, I-Sec was involved in nine offers.

However, Enam got involved with maximum number of issues (11) to help collect Rs 14,750 crore. DSP Merrill Lynch helped mobilisation of Rs 22,137 crore through its association with four issues. Kotak Mahindra Capital came fifth in the table with its participation in eight issues which collected a combined Rs 13,357 crore.