Man Financial - ICICI Bank FPO

Man Financial in their report on ICICI Bank FPO

We recommend a Subscribe to the issue at the lower end of the price band. Our fair valuation works out to Rs 968 on a SOTP basis. Key upside risks to our target price remain in the form of the difference between market-implied valuation and our valuation of ICICI Financial services (Rs 53/share incorporating a holding company discount of 20%) and in case of a higher P/BV multiple being ascribed to ICICI Bank by the market on account of its impressive track record.