MUMBAI: The broking arm of private lender ICICI Bank has filed a draft red herring prospectus with Securities and Exchange Board of India for an initial public offering (IPO).

ICICI Securities will offer up to 6.4 crore shares of face value Rs 5 a piece, representing 20 per cent of the company's total equity. The company will raise Rs 3,000-3,500 crore in the IPO, said a banker familiar with the matter.

For the year ended March 31, 2017, the company posted a net profit of Rs 522 crore and revenue of Rs 1,404 crore. The net worth of the company was Rs 589 crore as of September 30, 2017.

Geojit Financial Services and Emkay Global are the other prominent pure-play broking firms that are listed here. Geojit, which posted a net profit of Rs 38.32 crore and revenue of Rs 244.35 crore in FY17, has a market capitalisation of Rs 2,750 crore. Emkay, which posted a net profit of Rs 12 crore and sales of Rs 105 crore, has a market value of Rs 539 crore.

The board of ICICI Bank last month approved the stake sale in ICICI Securities through an initial public offer. This would be its third IPO from the ICICI group in the last one and half years.

The private lender sold its stake in ICICI Prudential Life Insurance Company in September 2017 and ICICI Lombard General Insurance Company in September this year through IPO. The bank is also planning to sell part of its stake in its housing finance arm ICICI Home Finance India companies have raised almost Rs 75,000 crore from IPOs and offer for sale so far in 2017 — the highest in a year.

About 80 per cent of the fund-raising was done by finance companies, according to an ET study.