Kolkata, Mar 19 (IANS): ICICI Securities, which will open its Rs 4,017 crore of initial public offering (IPO) on Thursday, is focusing on business of distribution of financial products like mutual funds to diversify its revenue mix.

"The company's brokerage income as a proportion to total revenue has come down to 64 per cent from about 70 per cent in four years back and share of all other income has moved from 29 per cent to 36 per cent," company's Executive Director Ajay Saraf said.

According to him, its brokerage income has grown but other incomes grew at a faster rate.

The segments like distribution of financial products and investment banking are the major contributors to its other income, he said.

"We have diversified from brokerage to distribution and investment banking. Of the other income, distribution income constitutes about 24 per cent and investment banking has about 10 per cent share...our focus is on the distribution business and its share in the revenue mix is expected to increase further as it has increased to 24 per cent from 19 per cent," Saraf said.

For IPO, the price band has been fixed from Rs 519 to Rs 520 per equity share and it proposed offering of over 7.72 crore equity shares of face value of Rs 5 each.