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New Delhi: Flush with funds to meet business growth for the current year, ICICI Bank CEO and Managing Director K V Kamath said the bank does not need funds from the IPO market, expected to revive later in the year.
"As far as the overall IPO market is concerned I would think the market would really revive only after we see correction that I was talking about in two quarters (third and fourth) in corporate sentiment and corporate fortunes," Kamath said.
Only late in the year the market would give signals that it is ready to accept IPOs, he added.
The IPO market suffered significantly last year as the stock market saw heavy decline all through 2008 after the Bombay Stock Exchange touched a peak of 21,000 in January.
Asked if the inflated secondary market was responsible the sluggish IPO market, Kamath said the market swings up or down on expectations. "The market has a meaning of its own. So what then the market expected has not happened because the global situation had turned," he added.
"And there is now reassessment of where the market will go from here. So I would think that we would really need to look for signals from the economy," he said.
As far as ICICI Bank is concerned, Kamath said, "We have no need for capital in the foreseeable future ... we probably have a capital adequacy ratio of 1:15 or so. That is much much higher than the regulatory requirement."
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