Day One: ICICI Pru IPO subscribed 16%

The issue is the biggest in six years, so far has received bids for 20.9 million shares, worth nearly Rs 700 crore

The Rs 6,000-crore initial public offering (IPO) of shares of ICICI Prudential Life Insurance Company garnered 16 per cent subscription on Monday, the first day of the issue.

The issue, the biggest in six years, so far has received bids for 20.9 million shares - worth nearly Rs 700 crore - as against 132.4 million on offer. The retail (small investor) portion of the IPO has already been covered 25 per cent. Meanwhile, the institutional (big money) and HNI (high net worth individual, or rich) portions were subscribed six per cent and four per cent, respectively.

Usually, most of the bids come on the last day of an IPO. ICICI Prudential Life's IPO closes on Wednesday. The price band for the IPO is Rs 300-334 per share. The company on Friday raised Rs 1,635 crore from anchor investors by allotting them shares at Rs 334 apiece.