Receives bids for 5.36 crore shares
The initial public offer (IPO) of ICICI Prudential Life Insurance Company (ICICI Prudential) received bids for 5.36 crore shares, as per the data on the National Stock Exchange of India (NSE) website as at 16:00 IST. The IPO was subscribed 0.41 times on the second day of bidding today, 20 September 2016.
The bidding for the IPO concludes tomorrow, 21 September 2016. The price band for the IPO has been fixed at Rs 300 to Rs 334 per share. The IPO comprises sale up to 18.13 crore equity shares of ICICI Prudential, representing about 12.63% of its equity share capital for cash, through an offer for sale (OFS) by ICICI Bank. The entire proceeds from the OFS will be paid to ICICI Bank.
Ahead of the IPO, ICICI Prudential raised Rs 1635.33 crore by selling 4.89 crore shares to 38 anchor investors. The shares were allotted to the anchor investors at Rs 334 per share, the top end of the Rs 300 to Rs 334 per share price band for the IPO. Anchor investors allotted shares of ICICI Prudential included Morgan Stanley Mauritius Company, Government of Singapore, UTI Trustee Co, SBI Trustee Co, Birla Sun Life Trustee Company among others.
ICICI Prudential is the largest private sector life insurer in India by total premium and assets under management at 31 March 2016. ICICI Prudential is a joint venture between ICICI Bank and Prudential Corporation Holdings, a part of the Prudential Group, an international financial services group. The company is one of the first private sector life insurance companies in India. It commenced operations in October 2000 and offers a range of life insurance, health insurance and pension products and services.
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