India's ICICI Bank said to pick banks for IPO of $3b brokerage arm

India's ICICI Bank said to pick banks for IPO of $3b brokerage arm

People stand in line to exchange Indian five hundred and one thousand rupee banknotes at an ICICI Bank Ltd. branch in New Delhi, India, on Thursday, Nov. 10, 2016. Photographer: Anindito Mukherjee/Bloomberg

ICICI Securities Ltd., a unit of India’s largest private-sector lender by assets, has picked arrangers for an initial public offering that could value the company at more than 200 billion rupees ($3.1 billion), people familiar with the matter said.

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