Asianet NewsableAsianet Newsable

ICICI Pru IPO makes its debut, subscribed by 16%

  • ICICI Prudential Life Insurance's IPO was subscribed 16%
  • ICICI Prudential Life Insurance's IPO is the first by an insurer in India
ICICI PRU IPO

 

ICICI Prudential Life Insurance's Rs 6,057 crore IPO (initial public offer) attracted about Rs 700 crore worth of subscription, which along with shares worth Rs 1,635 crore already allocated to anchor investors, has taken the total collected amount to Rs 2,332 crore.



The IPO received bids for 2,08,93,356 shares against the total issue size of 13,23,78,973 shares, data available with the national stock exchange showed. 

 

The quota set aside for qualified institutional buyers (QIBs) was subscribed 6%, while non institutional investors category 4%. Retail portion has been subscribed 25%, sources said. 
 

ICICI Prudential attracted over 1.5 lakh applications from retail investors on the first day. 

 

The public offer is scheduled to close on Wednesday, during which the stock would be offered in a price band of Rs 300-334 per share. 
 

Ahead of the IPO, ICICI Prudential allocated over 4.89 crore shares at Rs 334, the top-end of the price band, aggregating Rs 1,635.33 crore to a clutch of anchor investors. 
 

The public offer comprises of up to 18,13,41,058 equity shares of ICICI Prudential Life Insurance company, including a reservation of up to 1,81,34,105 equity shares (10% of the offer) for the shareholders of ICICI Bank. 

 

The offer would constitute 12.63% of the company's post-offer paid-up equity share capital. At the upper end of the price band, the offer would be worth Rs 6,057 crore. 
 

This would be the biggest initial public offering after Coal India. The state-run firm had hit the capital markets in 2010 to raise over Rs 15,000 crore. 

 

The company, which filed the draft red herring prospectus with Sebi on July 18, got the regulator's go-ahead on September 2. 

 

The insurer is a venture between banking major ICICI and UK's Prudential Corporation Holdings. Singapore's Temasek and PremjiInvest also are shareholders. 
ICICI Bank has around 68% stake in the insurer, while Prudential has 26%. 

 

Follow Us:
Download App:
  • android
  • ios