It stands for individually capped basket call, which is a call option that is based on an underlying basket of stocks whose individual returns at the end of each holding period are observed and then capped at a specific rate (e.g. 15% or 20%). The holder of the call receives an annual coupon floored at 0% of the value of the arithmetic average of the capped returns. The buyer of such an option is normally bullish on the underlying stocks as the payoff would be higher if the underlyings’ returns are positive.