 "ICICI Prudential Life issue only half covered")
The Rs 6,000-crore initial public offering (IPO) ICICI Prudential Life Insurance Company was subscribed just around 52 per cent a day ahead of its close. In order to sail through successfully, ICICI Pru Life needs bids worth at least Rs 2,124 crore on the final day.
A total of 68.7 million bids have so far been received against 132.4 million on offer. While the institutional investor portion was subscribed 59 per cent, the high networth and retail portions were subscribed 15 per cent and 65 per cent respectively.
Usually, majority of the bids are received on the final day of an IPO. The price band for the IPO is Rs300-334 per share. The company on Friday raised Rs 1,635 crore from anchor investors by allotting them shares at Rs 334 apiece. Parent ICICI Bank is selling 12.7 per cent stake in the insurer in the IPO.
