ICICI Prudential Life Insurance, India’s first life insurer to get publicly listed, will debut on the stock market on Thursday. The Rs 6,057 crore initial public offering of the insurer, which was sold between September 19 and 21 was oversubscribed 10 times. The IPO was sold in the price band of Rs 300-334 per share.
The quota set aside for qualified institutional buyers was subscribed 11.83 times while for the non-institutional investor category, it was 28.55 times. The retail portion was oversubscribed 1.37 times.
The public offer comprises up to 18,13,41,058 shares of ICICI Prudential Life Insurance Company, including reservation of up to 1,81,34,105 (10 per cent of the offer) for shareholders of ICICI Bank. The offer was open to subscription during.
At the upper end of the price band, the offer is worth Rs 6,057 crore. This was the biggest initial public offering after Coal India, which had hit the capital markets in 2010 to raise over Rs 15,000 crore.
The insurer is a venture between banking major ICICI Bank and UK's Prudential Corporation Holdings. Singapore's Temasek and PremjiInvest are also the shareholders.
ICICI Bank has around 68 per cent stake in the insurer while Prudential has 26 per cent. PremjiInvest holds 4 per cent in the insurance company while Temasek owns 2 per cent.